Whether you are approaching an annual performance review or reflecting on your career trajectory, your salary is likely to come to mind — and between high inflation rates and labor shortages, a raise may hardly feel optional.
According to the Consumer Price Index, prices for items such as shelter, food and gasoline rose by nearly 8% in the last year. Meanwhile, pay budgets are only expected to increase by 3.2% in 2022, according to a Mercer survey. Although discussions surrounding raises may have once been viewed as uncomfortable or even taboo, it may be very necessary today, says Annie Rosencrans, U.S. people and culture director for people management platform Hibob.
