Company employees are getting pay raises just for staying on the job rather than moving on to other endeavors.
Wages for workers who stayed at their jobs were up 5.5% in November from a year earlier, averaged over 12 months, according to the Federal Reserve Bank of Atlanta. That was up from 3.7% annual growth in January 2022 and the highest increase in 25 years of record-keeping.
It’s also the case that new hires are getting bigger signing bonuses, initial salaries, and more perks for joining the company.
However, this claim by The Wall Street Journal (at the link above) is mostly backwards in the present environment: