New hires are getting salary raises after just weeks on the job as companies give in to cost-of-living-based pay increases, report says

• Companies are offering multiple salary increases per year to stem worker attrition, WSJ reported.
• Some employers are factoring inflation, which hit a 40-year high in the US in June, into pay rises.

Companies are giving raises to new hires after just weeks on the job and reviewing salaries multiple times a year as bosses come to terms with a soaring level of inflation that is causing a global cost of living crisis, $4.

Asset manager T. Rowe Price last month announced a 4% raise for 85% of its employees starting from July 1, according to the Journal. That raise, which is in addition to the company's year-end salary adjustments, included new hires who had joined the company only a few weeks back, the company's head of human resources told the Journal.

A low unemployment rate has created a competitive labor market that has seen the scales tip in favor of jobseekers. Some workers are finding that now more than ever, switching jobs $4. In response, companies are looking to stem employee attrition by accounting for inflation in their pay raises.

US employers had accounted for salary increases of 3.9% in 2022, $4 from think tank Conference Board. However, US inflation recently reached a 40-year record 8.6% in May. Meanwhile, Pearl Meyer, a compensation consultancy, found that $4 this year compared to 2021.

Accounting firm PwC, for example, is spending $2.4 billion in the US to better retain and attract talent, with a 5% pay raise for all employees $4 In the UK, where inflation reached 9.1% in May, the firm is $4

"As a business and an employer we can't ignore market pressures and want to ensure pay at every level is as competitive as possible," $4.

Tech companies have also been forced to up their compensation to entice workers to stay, with Microsoft and Amazon both $4 in the past few months. The availability of tools like Glassdoor and Levels.fyi has contributed to more workers $4 from their employers after realizing they had been underpaid relative to industry averages.

And it's not just office workers who are getting cost-of-living adjusted pay raises. Branch staff and junior employees at two of the UK's biggest banks have received $4 and $4 this year after union intervention, for example. Elsewhere, more than $4 to counter labor shortage challenges.