News
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

62% of Employers Plan to Bump Up Salaries to Attract Workers

Xiomara Martinez-White
Xiomara Martinez-White is a copy editor at LendingTree and its associated companies. A graduate of the CUNY Graduate School of Journalism, her previous experience includes roles at Bustle/BDG Media and the International Herald Tribune.
More from the author
Pearly Huang
Pearly Huang is the copy chief at LendingTree. Pearly has previously worked at the Huffington Post, American Express Publishing, TIME Inc., Condé Nast, Hearst and Vox Media.
More from the author
lt-leaf-logo Why use LendingTree?
We are committed to providing accurate content that helps you make informed money decisions. Our partners have not commissioned or endorsed this content. Read our

Editorial Guidelines

At LendingTree, we are committed to providing accurate and actionable content that helps you make informed decisions about your money. Our team of writers and editors follows these key guidelines:
  • We thoroughly fact-check and review all content for accuracy. We aim to make corrections on any errors as soon as we are aware of them.
  • Our partners do not commission or endorse our content.
  • Our partners do not pay us to feature any specific product in our content, but we do feature some products and offers from companies that provide compensation to LendingTree. This may impact how and where offers appear on the site (such as the order).
  • We review and interview both external and internal reputable sources for our content and disclose sourcing in our content.
.

As the labor shortage persists among certain sectors in the U.S., 62% of employers plan to bump up base salaries for employees in the next six months to attract new hires, a recent Salary.com survey reveals.

On top of that, half of the respondents indicate they’re offering bonuses as a carrot-dangling measure to entice people to join their workplaces. However, only 1 in 5 expect to still offer this at the end of 2021.

Show me the money: Signing and retention bonuses

A large majority (82%) of employers express a perception of a labor shortage. As such, they’re doing what they can to attract workers by offering sign-up bonuses and pay increases.

While about 55% of survey respondents report offering signing bonuses to both hourly and salaried workers, that bonus varies between the types of employees. Per data culled from Salary.com, the median bonus for hourly employees is $1,000, and ranges from no bonus to $3,120. Meanwhile, the median bonus for salaried workers is $5,000, and runs the gamut from $1,000 to $10,570.

As far as retention bonuses go, 21% of employers surveyed say they’re using them to keep workers on board. Among those, nearly 4 in 10 (38%) offer them to both hourly and salaried employees. The median amount for a retention bonus among hourly workers for six months of service is $1,000, and ranges from $0 to $5,600. The median retention bonus for exempt, or salaried, employees is $7,500 for 12 months of service, ranging between $350 and $18,000.

Stick around and I’ll pay you more

Among employers surveyed by Salary.com, just more than 50% say they’re likely to increase the pay of a new salaried hire in the next six months, while close to 10% say they’re very likely to bump up pay for salaried workers. About 40% say they’re not likely to increase the pay of new salaried workers in the next six months.

For hourly workers, about 50% of respondents indicate they’re likely to offer a pay increase for new hires in the next six months. Nearly 20% say they’re very likely to offer a bump in pay, while more than 30% say making this move is unlikely.

But while employers are doing what they can to attract and retain workers, many people are still leaving their jobs. According to the U.S. Department of Labor, 3.9 million Americans left their jobs in June. Those making a go of their own can tap into financing options such as a small business loan to get their venture off the ground.

Methodology: Between June 6 and July 15, 2021, Salary.com conducted a survey involving 405 organizations in the U.S. and Canada. The data collected was culled from participants in seven different roles, ranging from individual contributor to executive. Nearly 50% of respondents work for companies with 500 or fewer employees, while nearly 24% work for employers with 5,000 to 10,0000 full-time employees.