These companies gave workers mid-year salary increases

Large Companies Will bite bullets this summer, raise salaries to retain employees, and help deal with inflation. 

The average salary increase is about 3% per year and usually occurs between January and April. But soaring inflation,soaring gas prices, and tight labor markets have created conditions that justify workers' wages rising significantly above normal. I am. 

According to a recent survey of labor trends, consulting firm Gallagher found that about two-thirds of employers increased their compensation budgets from January to June. 

"Inflation and its impact on the cost of going to work, feeding families, and keeping electricity on is a salary increase." Said. Gallagher's human resources expert Scott Hamilton said. "Companies are discussing salary increases, petrol gift cards, and travel expense refunds to ensure that the workers needed to keep the service up and running are present."

All sorts of Worker salary increases

Gas company Exxon Mobil, technology company Microsoft, investment company T. Rowe Price, and retailer Walmart are one of the big companies that have recently increased workers' rewards and profits. .. 

In April, ExxonMobil expanded its program to offer shares to talented employees, doubling the number of workers receiving shares. And in June, Exxon made a one-time cash payment to US workers, equivalent to 3% of salary, a spokesman said in a statement to CBS Money Watch. 

Microsoft doubled its global budget for merit-based salary increases in May. "This increased investment in global compensation reflects our ongoing commitment to providing our employees with a highly competitive experience," a Microsoft spokeswoman told CBS MoneyWatch.

T. Rowe Price also undermined workers' transactions and provided most of its global staff with a 4% salary increase by July 1. Money Watch. 

Over 85% of company employees received these salary increases in addition to the regular salary increases that came into effect at the beginning of the year. The T Rowe Price cited labor market conditions and inflation trends as factors that influenced the extraordinary salary increases.

In mid-June, Wal-Mart announced higher wages by raising the average hourly wage of more than 36,000 pharmacy technicians to more than $ 20 per hour.

The "worst case" of conditions

A Junesurvey by Pearl Meyer, who advises employers on compensation,shows that companies pay workers salaries in 2022. I found that I increased it on average. 4.8%. According to the survey, the higher-than-usual increase was due to "the worst of record inflation, high turnover, and labor shortages."

About one-third of the organizations surveyed by Pearlmeyer said they are considering or planning a mid-year salary increase that is rarely used for top performers.

"Historically, it's surprising to see salary increases in the middle of the year, so it's amazing," said Rebecca Toman, vice president of research at Pearl Meyer. 

Toman predicted that mid-year salary increases would only be given to top performers and mission-critical employees. "Price increases are expected in the middle of the year, but not everyone."

For most organizations surveyed, the significant increase in 2022 is due to rising inflation. It states that it was brought about by concerns about retention within and rising living costs. 

“Inflation is definitely a problem right now, but there are also labor and talent shortages in many areas,” says Toman.

Inflation has accelerated to 8.6% in the last 12 months.is the highest rate in 40 years and continues to exceed most salary increases. One exception: low-wage workers in industries such as hospitality, retail and healthcareare seeing wages rising even more rapidly.