Almost a quarter of U.S. employers lifted compensation or gave bonuses during the pandemic, according to a government survey that shows the lengths to which companies went to keep or attract workers.
One in seven businesses raised wages, but many also offered temporary boosts or paid workers who referred others to apply for a job, according to data from the Bureau of Labor Statistics released Wednesday.
The survey sheds light on the trends that have reshaped the workplace since the onset of Covid-19, as well as how likely they are to stick. Two years into the pandemic, the U.S. labor market remains as tight as ever, with postings near record levels. There are just 0.62 unemployed job seekers for each available job, according to the BLS.
Boosted
Industries that have been the most affected by the pandemic were the most likely to boost compensation. Almost 46% of companies in the hotel and restaurant sector raised compensation in some ways, while 35% of employers in health care and social assistance did.
Another key takeaway from the survey is that work from home is here to stay—for those who have access to it.
More than a third of private businesses increased telework for some or all of their employees, and of those firms, 60% expect remote work to persist after the pandemic is over. Nonetheless, the bulk of private companies, 60%, never or rarely have employees working from home.
Among other findings in the survey, which took place from late July through late September:
• Few companies have cut office space. Despite the increase in teleworking, more than 9 in 10 employers said they have about the same square footage as at the start of the pandemic—and nearly all expect it will remain so over the next 12 months.
• Almost 18% of establishments required some or all of employees to get a Covid-19 vaccine before coming to work on-site.
—With assistance from Alex Tanzi.
This article was provided by Bloomberg News.