(CNN) If you are employed, there’s a good chance you’ll get a bigger raise next year. That’s according to the latest wage survey from non-profit research group, the Conference Board.
According to the survey, base pay may increase by an average of 3.9% in 2022. That’s the largest one-year projected hike since 2008.
Why the pay bump? Well, nearly half of employers in the survey say the labor shortage has created the need to offer higher wages to attract workers. And new workers making more money may inspire current workers to demand more as well.
Employers also cited high inflation. That wouldn’t normally be the main reason for companies to boost pay. However, this year’s sky-high inflation has been too high to ignore and employers are worried they might lose workers if they don’t raise pay.