As a direct result of the ongoing COVID-19 pandemic, 2022 finds us facing high inflation rates. We’ve seen prices rise 7% – in everything from cars and housing, to gas, food, and furniture.
2022 Compensation Trends
As with our review of 2022 compensation budgeting in the last Astronology®, predictions on how variable compensation will unfold are challenging.
Current Economic Climate and Impact on 2022
2021 has been a year of surprises in administering employee compensation programs. Among the changes and challenges in 2021 are the following:
These factors have led many to rethink past and current compensation strategies as we move into 2022. According to SHRM, when planning for 2022:
Consider the future of the organization.