I was helping a nonprofit employer client earlier today by developing a presentation that tells the story about what has changed over the last few years.

We want to adjust their approach to compensation but not disregard what they have used in the past or say that it is “wrong.”

The bullets below are U.S. focused and data source is the Bureau of Labor Statistics (BLS).

• More pay transparency and pay equity laws across the U.S. Compliance complexity is increasing.

• Great Resignation 2021 - 2022: 50.5M people quit their jobs.

• Inflation: 2021 = 7%; 2022 = 6.5%; as of July 2023 = 3.2%

• Tight Labor Market: 10.8M job openings with the number of unemployed at 5.7M. (January 2023)

• Potential Recession: 2023 – 2024

• Strong competition for talent: Wages increased 4.6% for the 12-month period ending in June 2023 and increased 5.3% for the 12-month period ending in June 2022.

• Year-over-year wage increases by job and industry have varied. Caused differences in pay for different types of work and may not exactly align to an employer’s internal equity judgements.

What would you add to this list?

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