Say goodbye to the standard 3% raise—one-quarter of employers plan to give increases of 5-7% next year

Annual pay raise budgets in the U.S. are getting a bump in 2023 from the longtime status quo.

“The increases have gone up from what had been 3% for many years,” David Turetsky, VP of consulting at Salary.com, told me. “It’s now budgeted for 4% and potentially higher for next year.” READ MORE