“Executive succession and retention are an important issue,” said Wes Hart, managing director with Pearl Meyer. “With all of the oil and gas cycles in the past few years, the lack of executive talent is an issue. When oil and gas were doing badly, it was hard to keep people.”

"It’s surprising because historically it has been pretty rare to see mid-year salary increases," said Rebecca Toman, vice president of the survey business unit at Pearl Meyer.

Pearl Meyer, a compensation consultancy, found that 70% of organizations had implemented larger salary increases this year compared to 2021.

The past two years have been a ‘seller's market’ for employees, but there has also been salary compression where new hires come in at higher salaries than pre-pandemic hires, leaving some employees feeling left behind,” said Robert James, managing director, Pearl Meyer.

“Some boards may buck the trend of coalescing around median pay and start leading on director compensation to remain competitive in attracting new directors and retaining those who might be eyeing the door,” said Ryan Hourihan, managing director, Pearl Meyer.

"It is very unusual to see so many companies planning a second round of [salary] adjustments," said Rebecca Toman, vice president of the survey business unit at Pearl Meyer.

“More money is coming [for employees], but we are seeing a more thoughtful, strategic approach in providing these mid-year salary increases,” said Rebecca Toman, vice president of the survey business unit at Pearl Meyer.