Maine businesses are planning on making large pay raises for 2022 according to a Mainebiz poll conducted last week.

So if you've been saying to yourself, I really need a raise to stay may be in luck!

Almost 3 out of every 5 Maine businesses polled indicated that they have plans to make "significant" raises in pay this year. This trend isn't only taking place here in Maine, according to the article, across the country, companies have increased their budget forecasts to include an almost 4% pay increase.

The experts indicate that the motivation behind the pay bumps is two fold, the obvious to retain quality employees but in addition, to counter the steep increases in inflation which continue to rise, and many feel the inflation increases will be here for some time to come.

The report also cites Glenn Mills, deputy director of the Maine Department of Labor’s Center for Workforce Research, who said:

“Labor market conditions are likely to remain tight in 2022 as the virus continues to disrupt supply chains, workplaces, schools, and child- and elder-care arrangements. This is likely to keep conditions tight and continue to impact wages.”

According to the Conference Board who has surveyed company compensations since 1985, has echoed the increase of payroll budgets for 2022 across the country, with a key finding that salary percentage increases haven't soared this high since 2008.
The Conference Board goes on to surmise that It's likely due to severe labor shortages expected for the remainder of this year that wage growth will likely stay above 4%, and wages for new employee hires, as well as workers in blue collar and services jobs will grow faster than average.

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