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Pay increases, like most areas of hiring in late 2022, are proving to be a headache for employers. The potential for an economic downturn has somewhat slowed a previously robust hiring market. Employers, though, are beginning to strategize around a downturn in ways to avoid losing their talent investments.
That may be why a recent Willis Towers Watson survey of employers found that 86% of respondents were hiring candidates on the higher end of salary ranges, with 31% stating that they were planning or considering adjusting employee salaries more frequently. A separate WTW report found that employers were planning to increase salaries by just over 4% on average in 2023 — the highest increase since 2008.
Read the full report here