Rochester, Minn.-based Mayo Clinic will provide its employees with a 2 percent raise in 2022 with a 2.75 multiplier, which is the same as the raise they received in 2020 before the pandemic and less than the national trend, the Post Bulletin reported Jan. 18.
A survey of 240 companies by international research group the Conference Board discovered an average raise of 3.9 percent for 2022, while a survey of 1,004 companies by research firm Willis Towers Watson found an average raise of 3.4 percent.
Mayo Clinic's revenue increased by 18.2 percent — from $3.39 billion to $4.01 billion — in the third quarter of 2021 compared to the same quarter in 2019, according to the Post Bulletin.
The two surveys said the wage increases are because of inflation and a tough labor market, according to the Post Bulletin.
The raise goes into effect March 16 and will be in employees' paychecks starting April 5. The system has about 73,000 employees.