Is your compensation budget ready for 2023?

In 2022, average salary budget increases were 4.1%, according to WorldatWorks’ Salary Budget Survey. In comparison, previous years typically bring an approximate 3% raise, and current survey data shows that 2023 will be no different, with salary budget increases remaining higher than average across the board. … See more

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Is Your Compensation Budget Ready For 2023?

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US Compensation Planning Survey Summary | Mercer

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Slightly below budget In November 2022, participants of the US Compensation Planning pulse survey reported that they were budgeting 3.9% for merit increases and 4.3% for total …

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How Much Larger Will Increase Budgets Be For 2023? - CBIA

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Oct 5, 2022 · In the August edition of Mercer’s 2022 U.S. Compensation Planning Survey, 78% of the almost 1,200 participant organizations reported that they are just in the preliminary stage …

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FAQs about Is your compensation budget ready for 2023? Coupon?

Will salary increase budgets increase in 2023?

In general, compensation budgets are continuing to increase faster than they have in at least 15 years. WTW projects salary increase budgets will grow by an average of 4.6 percent in 2023. "The last time we saw [a percentage increase] starting with a 4 was in 2007," said Lori Wisper, managing director with WTW. ...

How many companies plan a salary increase in 2023?

In the U.S., 1,430 organizations responded. Compensation data and analytics firm Salary.com's Annual National Salary Budget Survey shows that 48 percent of U.S. employers are planning higher year-over-year salary increase budgets for 2023 (with a median raise of 4 percent across all employee categories), continuing an upswing that began in 2022. ...

How much do companies budget for 2023 compared to 2022?

Consultancy WTW's July Salary Budget Planning Report found that companies are budgeting an overall average increase of 4.1 percent for 2023, compared with the average actual 4 percent increase in 2022. The survey was conducted in April and May 2022. In the U.S., 1,430 organizations responded. ...

Will pay increases continue in 2023?

Data from consulting firm WTW shows that 70 percent of U.S. employers spent more than they expected to adjust employees' pay levels last year. Now, there are signs that this trend may continue in 2023. In general, compensation budgets are continuing to increase faster than they have in at least 15 years. ...

Should you set a salary budget in 2023?

There is no time like the present to set your salary budget, especially since 2023 is right around the corner. This budget represents a big piece of your organization’s overall financial forecast and informs your business goals. Future preparedness helps when pivoting is required, whether due to a recession or another hyperactive job market. ...

Is 2022 a good time to plan your compensation plan?

According to a recent Mercer US Compensation Planning Survey, the average budgeted merit and total salary increase is rising from 3.8% in 2022 to 4.2% in 2023. The key problem in 2022 compensation planning was significantly understated budgets due to out-of-cycle compensation increases. Be realistic in your planning for 2023. ...