Energy and food prices are high.
In order to compensate for this, more and more employees are demanding inflation compensation.
And things are looking good: Salaries are set to rise by up to five percent in 2023.
Due to the Corona and Ukraine crises, inflation in 2022 was at its highest level since reunification.
At 7.9 percent last year, it has more than doubled in Germany since 2021.
German citizens quickly felt this: energy and food prices have risen sharply.
This also increases the pressure on companies.
Because many employees demand more salary to secure their livelihood.
More salary in 2023: companies react to pressure from employees
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Employees are currently in a good position in salary talks.
© Monkey Business/IMAGO
And 2023 could be a good year to get more salary, the ifo Institute for Economic Research predicts.
This has good news: According to a survey of almost 1,000 HR managers, salary increases of up to 5.5 percent should even be possible.
The reason given by the companies surveyed was that they wanted to relieve employees in times of crisis with an inflation compensation premium.
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Although economists expect inflation to weaken somewhat in 2023, there is still less money left for employees, reports the
Handelsblatt.
After all, salaries are rising more slowly than inflation.
“In July, a 3.8 percent increase in salaries was forecast for 2023.
The 4.5 percent now predicted is a significant jump and shows how much the situation has deteriorated,” says Frank, head of talent and rewards at management consultancy Willis Towers Watson (WTW) in relation to inflation.
Inflation and a shortage of skilled workers ensure higher salaries
But not only the increased cost of living will ensure that salaries will rise, but also the shortage of skilled workers.
This has already arrived across the board in many sectors.
Employers are finding it increasingly difficult to fill vacancies.
“Employees are putting pressure on them because of the increased cost of living.
Companies have a tendency to react to the pressure because it is difficult to find new employees," explains Michael Kind, also a compensation expert at management consultancy Kienbaum.
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At the same time, however, the experts also emphasize that companies must ensure that salaries are not distributed unfairly.
So if you want to attract new specialists with lucrative salary offers, you should not forget the existing employees or not go too high with the wages.
After all, too high personnel costs represent a burden for companies.
Rubric list image: © Monkey Business/IMAGO
