Salary budgets for US employees are expected to rise in 2023, owing primarily to a labor market with more open positions than people to fill them. According to the Salary Budget Planning Report from leading global advisory, broking, and solutions firm WTW, companies are budgeting an overall average increase of 4.1 percent for 2023, compared… Continue reading Tight Labor Market Drives Employers to Boost 2023 Pay Raises
Tag: tight labor market
U.S. Employers Boosting 2022 Pay Raises Again, WTW Survey Finds
Fueled by tight labor markets, U.S. employers are boosting their original salary increase projections for 2022 as the Great Resignation shows no signs of abating. That’s according to a new survey by WTW, a leading global advisory, broking and solutions company. The survey of 1,004 U.S. companies, conducted during October and November 2021, found nearly… Continue reading U.S. Employers Boosting 2022 Pay Raises Again, WTW Survey Finds
Companies Sweetening 401(k) Plans in Tight Job Market
Facebook’s parent company, Meta Platforms, and consulting firm KPMG U.S. are among a growing number of companies that are putting more money into their employees’ 401(k) retirement accounts, using another lever to attract and retain staff in the face of high turnover and competition for talent. According to preliminary results of a survey of about… Continue reading Companies Sweetening 401(k) Plans in Tight Job Market