NJBIA released its 63rd annual Business Outlook Survey on Nov. 30. While much of the attention of the 2022 outlook survey focused on hiring challenges and employer morale, there were many other facets of the survey.
Today, we look at deeper at the employment and wages data found in this year’s Business Outlook Survey.
Employment
33% predicted they will hire more, compared to 9% which predicted less hiring – a +24% net positive hiring outlook and 9% higher than the outlook for 2021.
Looking to 2022, Some 33% of employers increased pay for employees by 5% or more in 2021 – compared to 12% who increased pay 5% or more in 2020. All totaled, 72% increased wages this year – compared to 54% who raised pay in 2020.
Wages While wages were up in 2021, respondents were mixed the notion of resolving hiring challenges by having to pay more:
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- 39% said they believe staff pay should only be commensurate with the economic value of the position and what they could afford as an employer
- 33% said they now believe they’ll have to pay beyond the economic value and what they can afford in order for their business to be competitive
- 16% said they always believed they should pay beyond the value of the job to be competitive