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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I love this book, Knowing God is Holding. Lysa TerKeurst writes personally and beautifully. I feel like she is a close friend sitting by my side in a fulfilling conversation. Her examples of applying God’s word to everyday life reveal a deeper understanding of scripture and meaning in your life. It’s just beautiful, and a great read anywhere you are, anytime.
God does not retreat from your jagged edges. He draws you in. In Embrace, popular author and well-known Bible teacher. Lysa TerKeurst provides 100 devotions that will speak to women of all ages and stages of life. By providing a godly perspective on the problems you encounter every day.
Although many of us are more familiar with the agony of heartache and anxiety. Then the unconditional love for which we were born. Our hearts were intended for this type of love and security. While pointing to the ultimate embrace—God stretching His arms wide on Calvary via Jesus. So that He might pull us close for all of eternity and welcome us. Similarly, into the security and hope of His grace, love, and embrace. However, Lysa recounts her personal challenges, doubts, and heartbreaks in Embraced.
A genuine hug suggests an intimacy that is personal. It’s not a friendly handshake or a high five. When someone we know to be completely in love with us opens. their arms wide and draws us close. Meanwhile, it is the finest type of hug.
This book is beautiful inside and out! I thank God that His spirit inspired Ms. TerKeurst to know. What to say to our inner pain, questions, self-doubt, and joy? This book will never make it to my bookshelf. It must be read daily as a treasure, knowing God is holding it!
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A survey by CareerBuilder demonstrates the advantages of remote employment—RESULTS
A recent CareerBuilder demonstrates the advantages. A poll shows that 69 percent of working people. The United States sees remote employment favorably. Over three-fifths (61%) of workers say. They work better remotely than at their company’s physical office.
77% of employed job searchers place at least some significance on it. 21% stated they had considered the option of remote work when considering job possibilities. It is extremely crucial when determining whether it suits a post for them. Most employed individuals choose remote work over other benefits. such as promotion opportunities (34%), job stability (33%), and a better fit with the business culture (33%). (24 percent).
According to Susan Arthur, of CareerBuilder, “This research shows that job searchers and workers recognize. The benefits of a dynamic work environment and that this sort of flexibility has become a priority for their present and future jobs.” Employers who provide a work-from-home or remote option are presently drawing seven times. As many candidates as those who do not.
Additional survey results include:
- 79 percent of respondents believe a remote work option is essential in today’s workforce.
- 40 percent feel happier, 37 percent feel more productive;
- Two-thirds of working individuals (67%) would want to work remotely at least three days per week, while 28% would prefer to work remotely full-time; and
- In fact, 38% of employees and 51% of Millennials said they would resign if they couldn’t work remotely.
- Only 29% of employed individuals believe that remote work makes cooperation difficult and frightening, 23% feel alone, and 18% feel unsupported.