Perhaps it's due to a tight labor market, or high inflation, or the goodness of their hearts, but a new survey from the International Foundation of Employee Benefit Plans reveals that 68 percent of employers are planning salary increases for 2023 for all workers. Seventeen percent plan on an increase for some classes of workers, and 13 percent haven't decided. Only 2 percent of survey respondents said they aren't planning any salary increases.
The average projected salary increase is 3.9 percent.
"While signs [indicate] the 'Great Resignation' and quiet quitting are subsiding, companies are still faced with talent acquisition and retention challenges," said Julie Stich, the vice president, content, at the International Foundation of Employee Benefit Plans.
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