Wage Inflation Market Intelligence Report
Nearly all global economies are currently grappling with inflation. Workers face real-term pay cuts, which is when inflation rates continue to outpace wage growth figures.
The worst-case scenario is a price-wage spiral, a prolonged loop in which inflation leads to higher wage growth. Employers must now decide whether to increase pay in line with inflation or hold out for higher interest rates to take effect, suppress inflation, and quash higher labour costs – but risk losing employees who are in search of greater compensation in the short-term.
There also continues to be a disparity between government wage inflation figures and those seen within the private sector. The average global rate of wage inflation is 5.3%. By contrast, Resource Solutions’ placements show a 20.7% year-on-year increase in average salary.
Download our quick read of the Wage Inflation Market Intelligence Report or contact Duncan Ward, RS Consultancy Practice Director for access to the full report and discover fascinating country-by-country insights plus forecasts for 2023.
*The full report is available for all existing clients.