The high demand for workers and ongoing worries about inflation means that a strong majority of employers will keep next year's salary increases similar to this year, with data showing pay increases at 4% on average for 2023, according to a new report from Payscale.
Payscale found that 78% of organizations in the U.S. and 81% in Canada say they've set their salary increase budget the same or higher for 2024. Payscale's prediction for 2023 was originally a 3.8% increase in average wages in the U.S. for this year, but a resilient economy may have resulted in more competition for wages.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
