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Some good news for workers looking for work or struggling with crippling high inflation rates: salary budgets in 2023 are expected to increase. WTW’s Salary Budget and Planning Report found that companies are budgeting an overall average increase of 4.1% for 2023, compared with the average actual 4.0% increase in 2022 – the largest increases since 2008.

“Compounding economic conditions and new ways of working are leading organizations to continually reassess their salary budgets to remain competitive,” says Hatti Johansson, research director, Rewards Data Intelligence at WTW. “With such a dynamic environment, it’s imperative for organizations not only to have a clear compensation strategy but also a keen understanding and appreciation of the factors that influence compensation growth.”

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