Christopher M. Broyhill, Ph.D., CAM
The United States Bureau of Labor Statistics just released its quarterly stat for the growth of private industry compensation for the 2nd quarter of 2021 and it continues to show significant expansion of wages! The quarterly rate of growth was .8 percent, which is down from the 1.0% increase from last quarter, but still respectable given that it could be extrapolated into a yearly growth level of 3.2%
The year-over-year growth stat is even more impressive. As of the end of Q2 of 2021, the 12-month growth rate for private industry compensation was 3.1% – the highest rate in a decade!
What does this mean to you? Compensation is continuing to grow, in spite of the COVID crisis and its fallout. If you’re an aviation manager, this isn’t the time to cut back on wages as you do your yearly budget planning or mid-year reviews. If you’re an industry professional negotiating for a position or an increase within your current job, your compensation should reflect the growth in wages that these statistics depict. Citadel Consulting and the AirComp Calculator can help you! Send me an email at email@example.com or firstname.lastname@example.org.