The Pearl Meyer survey found that 44 percent of employers cited “retention concerns” as the primary reason for higher raises this year; 30 percent said “cost of living.”

“Many companies are still actively recruiting and know the employee mindset has changed, particularly for younger folks,” said Bill Reilly, managing director.

"Ultimately, compensation decisions should be based on your business goals and talent management strategy," said Bill Reilly, managing director at Pearl Meyer.

“You need to talk about your philosophy on pay structure and define the story around it,” said Beth Florin, CEO, Pearl Meyer. “There are going to be bumps in the road, but [pay] transparency needs to be more than showing a number.”

“A number of CEOs tell me that when they get promoted into that CEO role, one of the first questions their board has for them is, ‘OK, who’s going to be your replacement?'” said Jan Koors, senior managing director at Pearl Meyer. 

“Employers are trying to ensure that they can be as appealing as possible to candidates,” said Bill Reilly, managing director at Pearl Meyer. “The dynamic has shifted for people to look more holistically at the entire employer experience.”

"Even though tech companies have made an effort to control costs in the second half of this year, many have also increased their employees' compensation in some form over the last six months, most often through equity grants," said Aalap Shah, managing director at Pearl Meyer.