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How to determine pay raises for employees in 2022

Business Management Daily

That means it’s a great time to start thinking about pay raises. Pay raises are particularly important going into 2022 as turnover rates continue to soar. Employees that feel undervalued or underpaid will not stick around long, so do your best to provide annual salary raises. How to determine pay raises.

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Will today’s CPI report cool inflation’s salary heat for HR?

HR Digest

If inflation dips, employers might pivot from broad pay hikes to targeted retention bonuses keeping talent without breaking the bank. When inflation raises roar If the CPI inflation report today shows a figure on the upside, e.g. breaching 3.1% barrier, the demand for inflation raises will grow louder.

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How inflation affects pay raises

Business Management Daily

One might think inflation negatively affected employers as well—maybe interest rates were too high, or they lost too much money and couldn’t kick any down to workers—but that notion doesn’t hold up under scrutiny. Some saw typical wage growth and bonuses, but most of us received salary cuts as inflation ate up more and more of our paychecks.

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How to write a request for a pay hike

HR Digest

When you have been in the current position for more than a year and have no plans to move, then the next step is to request for a pay raise. First, you need to convince the employer that your contribution to the company is worth the reward. When you ask for a raise, preparation is the key. Another 31% said they got less.

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The Importance of Regular Feedback

Achievers

The moral of the story is this: no matter which category of employee/employer you fall into, regular feedback will improve your work life, in one way or another, as it: Boosts employee engagement and productivity. Provides clear goals and milestones, and enables employees to evaluate their own performance.

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Google Execs tell workers they won’t raise pay to match inflation

HR Digest

Companies have been trying to combat this problem by offering signing bonuses to new hires. Google declined to provide an immediate response to the request for comment but told CNBC in a statement that employees would be receiving bonuses and equity all in their compensation packages. Bottom Line.

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Employee Retention Strategies Go Beyond Competitive Salaries

HR Digest

Consumer Affairs reported the top 5 reasons for quitting to be in search of better pay and better benefits, insufficient pay raises, unmet needs by their former employers, and pay inequality. Bonuses for top performers and performance reviews with the chance of a hike are also good motivators.