Above-average pay hikes in store for workers in 2022
Research compiled by advisory firm Willis Towers Watson shows that local employers plan to increase pay by 5.5% on averageFor those still holding down a job in SA’s embattled labour market, 2022 may bring good news as local employers are pencilling above-inflation wage increases for staff, while the number of companies planning to freeze salaries is set to decline.
“Businesses are navigating a tentative recovery from the pandemic, and it is encouraging that many are planning to offer more generous pay rises,” Melanie Trollip, director of talent and reward at Willis Towers Watson SA, said in a statement. In the midst of the jobs fallout the survey found that competition for skilled workers remains intense — with firms giving top performers a pay rise that was two-and-a-half times greater than staff on average performance ratings in 2021.“Even though Covid-19 wreaked havoc on our economy, firms still had to compete to attract and retain the top performers, and higher pay rises were part of that strategy,” Trollip said.
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