Salary Increase Budgets for 2021: A Wage Crunch Is Coming—but It’s Delayed

The Conference Board, Inc., 32 pages, November 26, 2020
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High unemployment typically means many job seekers per job opening. So far in this crisis, and in the coming months, this will not be the case. Why? This report explores the unique impact of the pandemic on salary increase budgets.

Document Highlights

The Conference Board Annual Salary Increase Budget Survey shows that employers have already started to lower their salary budgets. The 2020 average for actual total salary increase budgets, including exempt, executive, and nonexempt salaried employees, decreased from 3.19 percent in 2019 to 2.60 percent in 2020. Many respondents indicated their budgets are not yet finalized due to uncertainty created by the COVID-19 crisis.

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