Salary Budgets Expected To Rise 4%

(from Society of Human Resource Management) Salary increase budgets in the U.S. are projected to grow, on average, just over 4% for 2023, less than half of the current annual inflation rate of 8.5% , according to new survey data. WorldatWork's Salary Budget Survey shows that salary increase budgets in the U.S. rose to an average of 4.1% in 2022, a 20-year high and much larger than the average 3.3% increase. According to a different survey, 75% of companies are planning to offer merit raises of 3% or higher. 

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