With inflation in the spotlight, many employers struggle to keep up with anticipated salary increases.
Human Relations consultants find that the merit increase of 3.2 % should be the norm for 2022. You have done your job, but you are still awaiting your raise as well as some back pay. What is your next step?
A little background
In the past 6-8 months, wage growth overall has risen dramatically, especially among workers who are new hires. The result is “pay compression,” which means that employers are under pressure to raise the rate of pay for all workers in the company. However, some companies have not yet recovered from the effects of the pandemic and some are experiencing payroll issues.
Pay versus buying power
The Federal Reserve confirms that inflation has increased and will likely continue to rise in the coming months. This will adversely affect the buying power related to your take-home pay. Still, you want to be in control. You want to have all the pay that is coming to you and make adjustments to your budget, as necessary.
A look at options
Your employer explained that revenue issues have contributed to the delay in paying everything the company owes you. However, this is not your problem to solve, and you recently asked for your back pay and the raise your employer promised. As a long-time employee, you have been understanding, but your patience is at an end. You could consider changing jobs. However, if you do not wish to leave the company, you can rely on legal guidance to help resolve the problems in receiving the pay you deserve.