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Actual increases were higher than predicted. In March 2022, only 19% indicated that they were budgeting for off-cycle increases, but in this pulse survey, 53% of participants report that they will provide off-cycle increases. Pay Raises Are Coming In 2022 - TheStreet These include the Hospitality, Airlines, Retail and Luxury Goods sectors.. 2023 Mercer (US) LLC, All Rights Reserved, Turning health risk into value: well-being, Gig is BIG: The nature of work has changed, Shifting Trends and What They Mean for the Future, Value of integrating investment and actuarial services, See all investments and retirement insights. That challenge of attrition rates can prove to be an opportunity with the right perspective. The fierce competition for talent and the anticipated economic recovery is putting pressure on salary increases for next year. Simply revisit the survey and click the submit button to confirm previously entered . Just always keep in mind that you will likely see a change from the September to the November publication of the projected budget numbers. Cost of labor is a function of supply and demand, and is typically measured through compensation surveys that contain the going rate for jobs. Our look at pressing problems and solutions for board directors. Bolstering the financial health of your employees can be accomplished through channels other than simple wage increases. Wages are on the rise. These are the highest budgets we've seen since the 2008 financial crisis. Knowledge is powerful. To be considered a participant, confirmation of the data is required in each edition, even if your data has not changed. That's according to Mercer's newly released 2023 US Compensation Planning Survey, which revealed that employers are budgeting an average of 3.8% for merit increases in 2023, compared to the 3.4% delivered in 2022 - and 4.2% for their total increase budget for next year (compared to 3.8% this year). This survey ran from December 2021 to January 2022 and it reflects responses from 5,042 participants in 116 countries. Survey participation: March 13 March 24. "May you live in interesting times" is an English expression claimed to be a translation of a traditional Chinese curse. The Total Remuneration Survey, Mercers flagship annual compensation and benefits benchmarking study, identifies current pay practices and benefits policies, as well as budget, hiring and turnover trends for the year ahead.