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Salary Increase Projections 2023

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Employers in the U.S. plan to boost salaries an average of 4.6 percent in 2023, up from 4.2 percent this year, according to a new study.

Employers say inflationary pressures and the ongoing challenges of finding and keeping workers are the main reasons for the higher projected increases. Indeed, 3 in 4 of the 1,550 U.S. employers in the latest Salary Budget Planning Report by consultancy WTW say they continue to experience problems attracting and retaining workers. The survey was conducted from Oct. 3 to Nov. 4, 2022.

Read the article:
Typical U.S. Pay Increase Projected to Hit 4.6 Percent in 2023
SHRM | Nov 2022

2023 Salary Budgets Projected to Stay at 20-Year High but Trail Inflation
Wage Growth at Small Businesses Stays Strong
U.S. Employers Boost Pay Budgets Despite Recession Concerns
SHRM | Aug – Sep 2022

Employers plan largest raises since 2007 — is it enough?
Yahoo! Money | Nov 2022

Say goodbye to the standard 3% raise
Fortune | Sep 2022

2023 looks to be a ‘banner year’ for salary increases
HR Executive | Sep 2022

Almost Half of U.S. Companies Are Planning to Raise Salary Increase Budgets in 2023
CPA Practice Advisor | Sep 2022

What kind of pay raise can U.S. workers expect in 2023?
CBS News | Sep 2022

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Surveys
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2023 Salary Increase Budgets Projected to Be the Highest Since 2001
The Conference Board | Sep 2022

2022 Policies, Practices & Merit Survey Results (includes 2023 forecasts)
Empsight | Aug 2022

U.S. respondents report, on average, a planned base salary increase of 3.8 percent in 2023. Among some industries, however, base salary increases reported by respondents may surpass 4.5 or even 5 percent for their employees.
2022-2023 Salary Budget Survey
PayScale | Jul 2022

Salary.com Data Indicates the Days of Annual Salary Increases In the 3% Range Are Over
Salary.com | Sep 2022

Salary Budget Survey 2022-23: Top-Level Results
Average Salary Increase Budgets Were 4.1% in 2022 and Projected at 4.1% in 2023
WorldAtWork | Aug 2022

Companies are budgeting an overall average increase of 4.1 percent for 2023
Tight labor market drives U.S. employers to boost 2023 pay raises
2022 Salary Budget Planning Report - Global (July Edition)
WTW | Jul 2022



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