With salary budgets at a 20-year high, what HR needs to know

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After years of upheaval due to the COVID-19 pandemic, employees around the globe have some good news to celebrate: Raises are on the rise and expected to continue that trajectory into 2023.

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A new survey from WorldatWork reveals that salary increase budgets reached their highest level in 20 years. In the U.S., they rose to an average of 4.1% in 2022 with a 3.8% median and are projected to again be at a 4.1% average in 2023.

Now in its 49th year, “WorldatWork’s Salary Budget Survey” (the longest-running survey of its kind) offers business leaders robust, year-over-year

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