A whirlwind couple of years — from steep COVID-19 layoffs to a hiring frenzy to a recession on the horizon — may have left both employers and workers dizzy in trying to interpret compensation trends. But while hiring freezes and a rash of layoffs across tech and a few other industries may have employees nervous, research by groups like WTW and Salary.com suggest pay will keep going up — and at record levels.
Why the counterintuitive findings? One Glassdoor economist recently told HR Dive it was due to several factors, including an aging population keeping the labor market tight — even in a recession. And as companies move toward greater pay transparency and pay equity, employees are demanding their salary aligns with that of their co-workers and are asking for the higher end of pay ranges.
See below for more stories on compensation trends as the year comes to a close.