A survey by the Conference Board released Wednesday revealed companies are setting aside almost 4% of total payroll for an increase in wages next year.

An increase of this magnitude would be the highest since the 2008 recession, which The Wall Street Journal predicts will affect workers at all levels of companies that plan to increase wages to combat inflation.

The think tank surveyed 229 companies in November from a variety of sectors, and 39% said inflation played a role in their decision to set aside funds for a wage increase in 2022. This comes as the Federal Reserve shared fears over rising prices, which caused it to shift their stance on inflation away from it being “transitory” as inflation jumped to over three times the Fed’s desired rate.

Data from the Labor Department and the Bureau of Labor Statistics back up the projections for wage increases in 2022. Dan North, a senior economist at Euler Hermes North America, told International Business Times in a previous story that wages would be a number to pay attention to closely in the latest BLS report.

“Wages last month rose at a [year-on-year] rate of 4.9% - a record high [outside of pandemic swings] in 14 years of record,” North wrote in an email prior to the data release.

According to The Hill, during the pandemic wages have gone up by over 4% year over year for the past five months. That could be due to what many are calling “The Great Resignation,” as employees are expecting more from their employers, including wage increases.

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