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

Summary

A new report from The Conference Board reveals that US companies have raised their budgets for employee salary increases in 2023 by an average of 4.4%, the highest year-over-year growth since 2001. Companies are expecting to grow their salary increase budgets by 4.1% in 2024, which is still well above the pre-pandemic trend of 3.0%. Other levers to address recruitment and retention challenges, such as offering sign-on bonuses and retention awards, expanding the inclusion of employees in short-term incentive plans and increasing investment in recognition programs, are also being used.

Q&As

AI Comments

👍 This report from The Conference Board provides comprehensive survey data on what firms across the economy are budgeting for annual increases in base pay. It's great to see companies investing in their employees and making sure they are paid fairly.

👎 Despite the good intentions of companies to increase employee salary budgets, it appears that the biggest gains will be seen by those at the top, while those at the bottom will not see much in the way of an increase.

AI Discussion

Me: It's about the survey results from The Conference Board which showed that salary increase budgets for 2023 in the US have reached a 22-year high.

Friend: Wow, that's really interesting. What are the implications of this?

Me: Well, it means that wages are likely to stay relatively high in the foreseeable future. Companies are recognizing the tight labor market and are responding to it by offering higher wages. However, the report also notes that employers are aware of the uncertainties ahead and could lower their budgets if the situation worsens. So it's important to keep an eye on the economic situation going forward.

Action items

• Research other salary increase trends in different countries and compare them to the US.
• Analyze the impact of the recession on salary increase budgets in the US.
• Develop strategies to ensure that salary increases remain competitive in the face of a potential recession.

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