Inflate My Pay, Please. Workers Ask for Raises to Fight Rising Prices. https://www.wsj.com/articles/inflation-ate-your-pay-raise-how-to-get-more-money-11649108021
Even people who loathe asking for a raise can ill afford not to amid the highest inflation many have seen in their working lives.
Those who don’t push for more pay risk losing out on what extra money companies are putting toward raises this year. Employers say they set aside an average 3.9% of total payroll for wage increases in 2022—the most since 2008—according to the Conference Board, a research group.
That isn’t likely to cover workers’ fast-rising costs: The U.S. consumer-price index, a measure of the cost of goods and services across the economy, rose at a 7.9% annual rate in February, the fastest pace in four decades. And many companies aren’t factoring inflation into pay decisions, partly because they worry about reacting too fast and overpaying, says LaCinda Glover, senior principal in consulting firm Mercer LLC’s career practice. In a Mercer survey of more than 300 U.S. companies in February, 66% said they weren’t changing salary budgets because of inflation.
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