SURVEY RESULTS: Tight labor market forces U.S. businesses to hike 2023 wage raises.

Photo credit: Rendy Novantino

The U.S. labor market has more available jobs than individuals to fill them, therefore salary budgets are expected to rise in 2023. WTW’s Salary Budget Planning Report indicated that companies are budgeting a 4.1% average salary rise for 2023, up from 4.0% in 2022. The biggest gains since 2008.
According to the report, two-fifths (41%) of U.S. firms have increased their spending since early this year. Less than half of companies (45%) stick to their compensation budgets. Some employers are increasing salaries more often. 36% have already increased or plan to boost salary increases. 92% of responders adjust pay twice a year.
Nearly three in four respondents (73%) see a tighter labor market as the key driver for higher spending. 46% of respondents said employees expect inflation-driven raises, and 28% altered budgets for better financial results.
Compounding economic conditions and new ways of working cause firms to reassess pay expenditures to remain competitive, says Hatti Johansson, research director, Rewards Data Intelligence, WTW. In a dynamic world, firms must have a clear compensation strategy and a deep understanding of compensation growth variables. If a company plans to boost budgets, it’s vital to be prepared to award and explain pay changes swiftly and effectively.
According to the report, firms continue to face attraction and retention concerns, but fewer respondents forecast the same next year. 94% of respondents have trouble hiring talent this year, but only 40% predict trouble in 2023. Similarly, 89% of employers had trouble retaining staff this year, but that percentage should drop to 60% next year.
Many companies use non-monetary incentives to attract talent. 69% of respondents have improved job flexibility, and 19% want to or are considering it. Six in 10 respondents (59%) have emphasized diversity, equality, and inclusion (DEI), and 24 percent plan to in the next few years. 49% of organizations continue to offer sign-on bonuses and equity/long-term incentive awards, and 21% plan to do so in the next few years.
Talent retention efforts are underway. 58% of organizations have emphasized DEI to retain more people, and 26% plan or are considering it. Half (50%) have enhanced remote work flexibility, and 25% plan or are considering it. Nearly 40% have adjusted their compensation programs (base wage, short- and long-term incentive plans), and 35% are planning or considering. Over 36% have improved their employees’ experience, and 45% are planned or contemplating it.
With a likely recession, high inflation, and talent supply difficulties, firms must get innovative to attract and retain talent, says Catherine Hartmann, global practice leader, Work, Rewards & Careers, WTW. “The workforce is varied and energetic. Employers must balance employee preferences and needs with a quality employee experience.

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2022 Benefits Trends – Average family premiums exceed $22,000

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It's Time for Benefits Open Enrollment

Average family premiums exceed $22,000

The Kaiser Family Foundation has found that annual family rates for employer-sponsored health insurance grew 4% to $22,221 in 2021. Employees contributed $5,969 on average to family coverage, according to the KFF Employer Health Benefits Survey of 2021. Since 2011, average family premiums have risen 47%, faster than earnings (31%). (19 percent).

60% of firms supplied health benefits. KFF found that larger companies are more likely to offer health insurance to at least some employees, with almost all (99%) giving coverage to employees over 200 and nearly half (56%) offering coverage to employees under 50. Cost (30%), size (25%), and workers having alternative coverage (21%) are the main reasons given by small businesses not offering coverage.

The average single deductible was $1,669, which is similar to the prior two years ($1,644 in 2020; $1,655 in 2019), but up substantially from 2011 ($991). Compared to a decade ago, 85% of insured workers had a deductible this year. The poll also revealed that deductibles for small businesses under 200 employees were 70% more than for large businesses over 200 employees ($2,379 vs. $1,397). Over the last decade, the rising percentage of workers with deductibles and rising average deductibles have raised the expense of deductibles by 92 percent.

COVID-19. The survey looked at how the epidemic influenced telemedicine and mental health services. KFF discovered that among companies with at least 50 employees, 39% had changed their mental health and drug addiction coverage since the epidemic began. This includes 31% expanding access to mental-health treatments, such as telemedicine, and 16% adding new mental-health resources, such as an employee help program.

Also, owing to the epidemic, 66% of companies with at least 50 employees changed their telemedicine policies. Half (51%) increased employee awareness of telemedicine advantages, while 31% added new telemedicine services. Also, nearly a quarter increased the number or types of telemedicine providers (23%) and covered telemedicine services (24%).

Due to the pandemic, more than half (55%) of companies with 50 or more employees changed their health programs. Expanding or altering current programs to better suit the requirements of those working from home (22%) and establishing a new digital program such as an app (43%). (17 percent).

“The growth of telemedicine and mental health coverage was vital in fulfilling the needs of employees and their families in tough times,” stated Gary Claxton, KFF senior vice president, and Matthew Rae, assistant director of KFF’s Health Care Marketplace Program. “These adjustments made sense not because businesses wanted to spend more, but because they wanted their employees to appreciate their health benefits as such.”

Survey Results- Hiring Managers are Rejecting Resumes without Covid-19 Status

It may seem like a minor detail, but vaccination status is an extremely important factor in the hiring process. One third of all U.S.-based resume recipients will not even read your document if it’s missing this information – so make sure you put down ” vaccinated” or they might just bin your application! You have been warned.

A whopping 63% admit that having proof on paper enhances their confidence with whom to select for future projects as well; next time someone asks ‘Do I need vaccine papers?’ simply say yes because there are no excuses nowadays when looking after yourself first means everything. 77% of hiring managers at companies with a mandatory vaccination policy prefer if applicants include their vaccination status on the resume.

A recent survey by ResumeBuilder.com, hiring managers in the computer and information technology industry found that vaccine status is critical to them. In fact, 78% of these employers prefer candidates who disclose their vaccination standing for this job field! Other career fields screening resumes screen out those without compliance too: food service, hospitality sector, and retail.

“It’s not surprising that some organizations will require employees to get vaccinated,” says Carolyn Kleinman, career coach and professional resume writer. “Workers in the healthcare industry typically work onsite so it makes sense for employers want preventative measures against COVID-19.”

When it comes to hiring, companies are more likely to hire individuals who have been inoculated. Sixty-nine percent of Hiring Managers say they will make a job offer based on vaccination status and 42% want vaccinated employees in their workplace!

ResumeBuilder.com – Sites Source

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