💰 Employers plan 4.1% pay raises for 2023 — the largest since the Great Recession

Companies in the U.S. are planning to increase employee salaries by an average of 4.1% overall in 2023, says WTW’s recent Salary Budget Planning Report found.

The projected increase is slightly higher than companies planned for 2022, and the highest increase since 2008, WTW said July 14.

Seventy-three percent of respondents cited the tight labor market as the top reason for the increases, and 46% pointed to employee expectations for higher increases due to inflation.

28% percent said they made the adjustment in anticipation of greater financial returns.

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