Wages in 2021 have grown at the fastest rate in 35 years. This sudden and surprising burst will reduce corporate profits and add to already-soaring inflation.
On the supply side, many working-age adults are only slowly re-entering the workforce because of lingering factors driven by the pandemic .
When it is harder to recruit and retain workers, employers react by raising salaries. This helps explain the stunning jump in wages in the leisure and hospitality sector, which drove the overall salary surge in the spring. Another trend that will impact compensation trends in the coming one to two years is the shift to remote work. Employers operating in expensive labor markets may be able to lower overall costs by employing more workers in cheaper US labor markets or abroad. Moreover, many companies are likely to adopt flexible wage structures allowing differentiation in compensation across regions.Demographics may drive wages up again mid-decade.
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