The ever-growing list of companies who are increasing salaries in 2022
September 26, 2022
The question of whether or not one should stay in their current job has plagued employees for salaries, but the recent salary wars have made this decision even more difficult and confusing. The list below will keep track of the biggest raises and salary increases that are happening in 2022.
No matter which industry you’re in, you’ll be able to look here to see if your company matches up with the salaries of others in your field. If it does not, and there’s a more lucrative opportunity elsewhere, then you’ll be able to assess your options more effectively than ever before.
2023 – Consulting firms
While salary information for consulting firms is still not publicly available, the 2023 candidate trend for financial salaries is growing year over year. Consulting candidates at Bain will enjoy a total compensation package worth up to $162,000 with equity and bonuses.
JPMorgan’s entry-level positions offer salaries as high as $83,000 annually while also providing a generous benefits package. One other top player in the game includes New York-based strategy firm McKinsey which offers prospective employees up to a base salary of $110,000 with equity options. We expect this trend to continue as 2020 brings increased competition for the best and brightest workforce possible.
2024 – Tech/Software
Considering the median salary for an American to be around $60,000, an increase in this ballpark doesn’t seem like much. What’s important to note is that these jumps don’t happen often. While there have been some increases among other major employers, this has not happened in the past five years and even still these hikes were not drastic.
The reality is that for many employees their paychecks will look more or less the same as they did before because most bonuses cover a bulk of salary changes due to how meager raises have been over the last five years.
Plus, we’re seeing unprecedented interest from small business owners seeking alternatives to corporate positions so employers might find themselves with a better pool of applicants than before if they offer any sizable increase which could lessen demand for candidates elsewhere.
2025 – Retail
Fueled by a decline in retail jobs, the decrease came as a bit of a surprise to many. When Target announced it would close at least 24 stores nationwide, the company said it was part of its transformation strategy. As part of this transformation,
Target plans to lower store hours and up wages. Over 100 stores will be converting into distribution centers or e-commerce fulfillment centers by late 2020.
In addition to having closed 350 stores since 2017, Walmart is also raising its minimum wage for employees from $10 an hour to $11 effective next month (January). Dollar General said earlier this year that they planned on increasing hourly pay for all their full-time associates to $13.
2026 – Other industries and sectors
Employees make up the backbone of any company, so it should come as no surprise that many are reacting to a highly competitive market with higher salary offers. Raises can take different forms including one-time payments, higher starting salaries, or even base pay increases.
It’s good to see employers across industries and sectors taking a proactive approach by paying their employees more. We hope that this trend continues.
We plan to publish updates every year about what is happening with employee salaries. We hope that by doing so, we can promote a healthy conversation about employee compensation and working conditions. If you have any questions about our salary wars calculator or our methodology, please reach out! You can email us at: [email protected]
2027 – Any updates?
Announcements for increases have been coming in throughout the year, with many tech firms like Google and Facebook, as well as Amazon already announcing that they would be bumping up their workers’ salaries.
(source) It will be interesting to see how the 2020 Presidential Election will affect this trend and what policies may come about to combat inequality. Will smaller firms now follow suit? Stay tuned for more!
What should my salary be?
Having a salary expectation, or a target salary as it’s called at some firms, is important. It can help you evaluate the offers you receive when switching jobs and get a sense of what your salaries should be earned.
If your salary does not provide an explicit guideline on what is considered fair market value for the position, use this benchmarking calculator to estimate what is appropriate for your salary range.
Today’s number crunch: 90%
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