Will employees get raises in 2021?

Compensation costs for civilian workers increased 1.0 percent , seasonally adjusted, for the 3-month period ending in December 2021, the U.S. Bureau of Labor Statistics reported today.

In comparison, employees working at the surveyed companies got a 2.8% salary bump in 2021, the survey found. People on all levels are projected to get raises, from executives and management to support staff, production and manual labor positions, the survey found.

Employers have had to increase incentives, pay and opportunities to attract and retain workers, and next year’s round of pay increases will at least be going up. “In 2021, most company raises were much lower than the increase in the cost of living,” said Levanon.

Based on the annual Total Remuneration Survey (TRS) 2021 conducted by American asset management firm Mercer, median or average pay hikes of 5% this year is expected to continue in 2022, compared to 5.5% in 2019.