According to recent Intuit QuickBooks payroll data, employees of almost 500,000 small businesses in the US, Canada, and the UK have received big pay increases over the past 12 months, but inflation has risen faster. We wanted to understand more about this trend, so QuickBooks commissioned a survey of 2,250 small business decision-makers in the US, UK, and Canada.
The Intuit QuickBooks Pay and Benefits Survey 2022* found that in the past 12 months, small business employees in the US, Canada, and UK have been proactively asking for pay increases due to inflation. Many small business owners have listened, but are struggling to keep up with pay demands. In the next 12 months, will small businesses be able to increase pay to meet demand?
Pay increases rose in the last 12 months
Two-thirds (66%) of small businesses surveyed in the three countries say they have given larger than usual pay increases in the last twelve months. In the UK, 51% of small businesses said they gave significantly larger pay increases.