2022 Compensation Trends Executive Summary

Compensation Planning

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As 2022 started, it became apparent that the "Great Resignation" would continue. However, the unprecedented number of employees leaving their jobs is not the only ongoing challenge to emerge since the start of the pandemic. Over the past couple of years, expectations in the workplace have changed, contributing to the ongoing need to recruit and retain qualified employees.

Base pay is the largest piece of a total reward commitment employers make to employees. Obtaining competitive salary data and keeping pace with competitive pay increases has made total reward strategies more challenging for employers struggling to attract and retain talent. Many organizations strive to differentiate themselves by creating unique total rewards packages, but it is important to consider the employee experience during the process. Employees will ultimately make employment decisions based on personal needs, goals, and the employer providing the most meaningful incentives.

With inflation rising, employers are becoming increasingly aware of how it is affecting employees. Providing competitive compensation can help, but there are other aspects of a total rewards package that can ease the burden employees feel. Many organizations have begun looking beyond base pay adjustments and are offering bonuses, long-term incentives, and more. Creating a competitive and robust total rewards package can help with employee satisfaction, engagement, and level of commitment to an organization.

This year’s report contains information on what organizations have done over the past 12 months and what organizations are planning to do over the next 12 months. This information will help in approaching current talent challenges and in preparing to make the next year successful for your organization.

MRA has a history of producing accurate and timely information to help member organizations understand the changes and trends that occur with compensation. This information can be used as a benchmark, in conjunction with the philosophy of the organization, to develop a strong compensation strategy.

Results of the questions that were surveyed are shown in tables on the pages in this summary. They include additional breakouts, by state, when enough clean, relevant data was present.

2022 Compensation Trends Survey Cover