2023 Increases
(This came to me anonymously from a VP of HR of a mid-size company. - Steve)
We're heading into mid-year and we're looking at budgets for salary increases. Since inflation is still considerably high, what are your companies planning to do?
We've seen data that people are looking at anything from 2% to 5% increases. I appreciate the range, but would love to see what others are planning.
Please don't list your company, but if you'd note the percentage(s) you're considering, I'd appreciate it.
Thanks in advance for your participation.
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Our standard is 4%, anything more must be justified by new/adjusted job duties .
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Raises for all are great... If there is one thing I have learned from my 25 years of going from $1200/m to $15K /m is although the pay got better, things did not change until we (me and my family) understood how to do better with more, save more, get out of debt faster, and make sure the assets we were accumulating were safe for future generations.
If you want to give your teams something that will pay compounded dividends for the years they will work for you and well into their retirement it may not cost you as an employer as much as what that pay raise does!
My question along this same lines is what are some of you doing beyond more pay to set your employees up of true success... not just a paycheck?
How much more productive would your team be if their focus was all work not all the other things surrounding money?
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Here is a helpful planned increase report from Payscale. It is broken down by industry.
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Depending on performance 4%-6%
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Looking at 3.7% - 1% reserve for promotions and merit increases and 2.7% target cost of living/merit increase which will be influenced by performance.
