Employers are planning to increase their salary budgets by 4.6% next year, the highest expected annual jump in 15 years, a survey finds
That’s according to the latest international survey from consulting firm Willis Towers Watson, which included responses from 1,550 US employers. The survey was conducted from October 3 to November 4. A large majority of the organizations attributed the big bump to inflation and a tight labor market. But with headline inflation still at 7.7%, any raise an employee gets below those levels effectively means they will be earning less because their paycheck won’t buy as much.
What does that mean for your raise? Employers indicated they will use a host of ways to fund bigger salary increases next year: 21% said they would reassess their total rewards package to ensure it has the biggest impact on retention and engagement; 17% said raise prices; and 12% said restructure and reduce headcount. How employers will distribute the additional funding for salaries won’t be even across the board. Some workers will get much higher than the average.
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