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We are so sorry! We bumped into a system failure and couldn’t take your email this time.The labor shortage is giving workers the kind of power they haven't had in more than a decade.
The average American worker is set to receive the largest one-year pay bump since 2008, according to The Conference Board's, which estimates the budgets for raises in 2022 at 3.9% next year. That's up 3% from when the Conference Board surveyed businesses in April. The jump underscores just how much businesses have had to hike wages as they scramble to attract workers. Hourly wages alone have jumped 4.8% from November 2020 to November 2021, according to the Bureau of Labor Statistics'. In the traditionally low-paying leisure and hospitality sector, wages have soared even higher, going up 12.3% year-over-year.
Actual raises also climbed from the April survey period to November. The average business has lifted its salary budget by 3% in 2021 so far, according to the report. That's up from 2.6% in April and close to the levels seen just before the pandemicThe increases in 2021 salaries were largest for workers under the age of 25 and those who switched jobs in the past year, Gad Levanon, an economist at the Conference Board, said.
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