2023 Compensation Increases

Salary Increase Projections 2024 (and 2023) - SHRM

US employers plan to raise compensation budgets in 2024 by 3.5% for merit increases and 3.9% for total salary increases for nonunionized employees, but that is ...

Employment Cost Index - September 2024 - Bureau of Labor Statistics

Compensation costs for private industry workers increased 3.6 percent over the year. In September. 2023, the increase was 4.3 percent. Wages ...

2023 Set to See Largest Salary Increases in Over 20 Years

According to our US Salary Increase Budgets Survey 2022–2023, US companies are budgeting 4.3% of their total payroll spending on salary increases in 2023.

Employment Cost Index Summary - 2024 Q03 Results

) Compensation costs for private industry workers increased 3.6 percent over the year. In September 2023, the increase was 4.3 percent.

Survey: 2023 US Salary Increase Budgets Reach 22-Year High

Across industries and occupations, the average (mean) salary increase budget grew 4.4% in 2023. Median growth came in slightly lower at 4.0%.

Will Pay Increases Exceed Inflation In 2024? - Forbes

In the WTW survey, U.S. employers report an actual average salary increase of 4.4% in 2023 during a year when BLS reported annual inflation of ...

Higher Education Salary Increases Exceeded Inflation in 2023

Higher Education Pay Increases in 2023 Exceeded Inflation for the First Time Since the Pandemic ... New research from CUPA-HR has found that ...

Employers Budgeting for 3.5% Pay Raises Next Year - SHRM

Actual salary increase rates for U.S. employers were 4% in 2023 and 3.6% this year, according to Payscale, a U.S. compensation software and ...

Reports: 2024 Pay Increases Projected to Exceed Inflation

WorldatWork similarly found companies increased salaries by 4.4% in 2023 after projecting a 4.1% increase for that year. Taking a Closer Look by ...

How Much Will Salaries Increase in 2025? | Careers | U.S. News

Surveys and market analysis point to average salary increases between 3.5% and 3.9% in 2025. · Workers can position themselves for bigger pay ...

Inflation Raises: Employer's Guide To Wage Adjustments | Paychex

According to SHRM,4 US employers, on average, increased compensation budgets by 4.4% in 2023. Adjusting wages for inflation and giving raises ...

Salary Increase Reaches 20-Year High in WorldatWork's 2023-2024 ...

U.S. respondents reported an unexpected boost in 2023 average salary increase budgets, which grew by 0.3% to reach 4.4%, but also foresee a ...

US employers plan more modest compensation increases in 2024

Looking back at actual compensation increases over the last year, employer base salary levels increased 5.6%2 on average, despite 2023 merit ...

Budgets for salary increases rise at historic rates

Budgets for employee salary increases have grown by an average of 4.4% in 2023, the highest increase in more than two decades, according to a long-running ...

Here's the average pay raise employees can expect in 2024

That figure is slightly lower than in 2023, when raises averaged 4.4%, but still tops the roughly 3% increase companies were offering in ...

U.S. pay raises to remain high 2024 WTW survey finds

ARLINGTON, VA, December 7, 2023 – U.S. employers are planning an overall average salary increase of 4.0% for 2024. That's according to the ...

2023 AWWA survey: Water utility compensation increases higher ...

The North American water sector is experiencing higher-than-projected increases in compensation across all sizes of utilities, according to a 2023 survey.

Giving a Pay Raise in 2024: What's Appropriate? - Indeed

The expected COLA for 2023 is 8.7%, meaning if you were going to give an employee an annual salary increase of $10,000, you would adjust that ...

US Compensation Planning Survey Summary | Mercer - iMercer.com

However, when looking at base pay changes from October 2022 to March 2023, the national average base pay increase was only 3.4%, while the ...

Employers predict 'modest' 3.9% pay increases for 2024 - HR Dive

The survey also revealed that in 2023, employee base salaries increased 5.6% on average, despite merit increase budgets of 3.8%, Mercer said.