Money makes the world go round, and when it comes to work, salary is a major factor in job satisfaction. With inflation constantly on the rise, it can be challenging to keep up with the cost of living.
Inflation is a crucial factor to consider when it comes to salary negotiations and job satisfaction. According to the US Bureau of Labor Statistics, the inflation rate last year, 2022 was 8.0%, significantly higher than the historical average of 3.8%. This means that if your salary hasn’t increased by at least 8.0% in the last year, you’re technically earning less in real terms than you were a year ago. Employers must consider inflation when determining compensation packages and for employees to advocate for fair pay raises that keep up with the cost of living.
For this reason, we conducted a poll to see how many people received a pay raise and whether their salaries kept up with inflation. Here are the results:
5% of respondents said they received a pay raise that keeps up with inflation. This is great news, as it means that their salary is increasing at the same rate as the cost of living. However, keep in mind that inflation rates can change over time, and it’s important to advocate for regular pay increases to ensure your salary stays competitive.
49% of respondents said they received a pay raise, but it was below the inflation rate. Inflation refers to the general increase in prices of goods and services over time, which means that if your salary isn’t increasing at the same rate, you’re technically earning less in real terms. It’s important to advocate for a raise that keeps up with inflation, or you risk falling financially behind.
46% of respondents said they did not receive a pay raise. This can be frustrating, especially if you’ve been working hard and feel you deserve a raise. So, have an open and honest conversation with your employer about your compensation, and ask for a raise if you feel like you’re being undervalued. Remember, you’re not asking for a favor—you’re advocating for fair pay for your work.
Overall, receiving a pay raise can significantly boost your financial well-being, but it’s important to ensure that your salary keeps up with inflation. By advocating for fair pay and keeping an eye on inflation rates, you can ensure that you earn what you’re worth and stay financially secure.
If you would like to see if your salary is in line with your expertise, contact our recruiting team to discuss industry salary trends. Write to me, shiena@continentalsearch.com, and I will set an appointment with one or more experts.
About the Author
Shiena Destura joined Continental Search in 2022 as Content Manager after graduating from university with a journalism degree. She helps the team produce quality content that will provide information to the Ag industry.
You can find Shiena on LinkedIn or send her an email at shiena@continentalsearch.com if you have insights you want to share or collaborate on that will benefit the industry.
