Magnet picking up toy person In this tight labor market, it is more important than ever that employers utilize a competitive and creative compensation strategy. (Photo: Shutterstock)

The year 2022 is shaping up to be one of the most challenging in history for employers. The growing imbalance between the number of job openings and the number of candidates willing to fill them is now coupled with the highest inflation rate in four decades. Employers in all industries – from fast-food restaurants to tech giants – are facing increased pressure to raise salaries and hourly wages.

But that will not be enough for many companies. In the coming year, employers must match robust salaries with an equally appealing compensation package.

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