Salary Budget 2023: Survey Report

Introduction

Due to the far-reaching effects of inflation, the state of the labor market is particularly unique this year. With rising turnover and more open positions than workers to fill them, falling too far behind the curve for next year's salary budget is a risk. Overshooting it by too far could also have consequences down the line, however - especially because many organizations are struggling financially as it is. Reaching the correct balance between these two extremes can help employers minimize long-term costs without damaging their ability to recruit and retain talent.

In this survey report, HR & Compliance Center captures up-to-date projections for 2023 salary changes to assist employers in their salary budget decisions in the coming months. The report also addresses the unique challenges employers are facing in their budget decisions this year, 2023 plans for bonuses, and compensation policies for remote workers.