Over the past year, US workers have benefitted from a tight labor market which has awarded them greater leverage and mobility with regards to job negotiations. However, this dynamic is changing as there has begun to be a shift in power back to employers rather than workers. As a result, the upcoming salary negotiating season is likely to be a complicated one, as many workers seek raises to mitigate the high inflation rates and many employers are focused on total rewards as opposed to monetary compensation. Furthermore, fears of an impending recession and recent layoffs have given employers the upper hand as more workers are hesitant to leave their jobs.
See "Shifting labor market dynamics may give employers greater leverage in salary negotiations", Matthew Boyle, Bloomberg, December 9, 2022