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Wages are rising particularly fast for occupations such as: However, real wage growth adjusted for inflation declined -0.6 percent overall in the second quarter and increased only 0.3 percent year-over-year. 2021-2022 Salary Budget Survey found that salary increase budgets are projected to grow to 3.3 percent on averagein 2022, up from 3 percent in 2021. BLS. Compensation survey and consulting firm Empsight's temp_style.textContent = '.ms-rtestate-field > p:first-child.is-empty.d-none, .ms-rtestate-field > .fltter .is-empty.d-none, .ZWSC-cleaned.is-empty.d-none {display:block !important;}'; var currentUrl = window.location.href.toLowerCase(); Ensure budget dollars "are focused on addressing gaps in competitiveness and not being spread like peanut butter," Mason said. Over the last 10 years, inflation has typically hovered between 1 percent and 2 percent, while merit budget increases have been between 2 percent and 3 percent, the consultancy noted. Please log in as a SHRM member before saving bookmarks. The average pay increase in 2021 could be higher than in 2020. Regional Average | Demographics | Industry | Changes in Average. Nominal wage increase is that pay raise in a dollar amount, while real wage increase takes inflation into account. Virtual & Las Vegas | June 11-14, 2023. Case in point: WTWs July 2022 Salary Budget Planning Survey results show that 96% of companies globally increased salaries (compared to 63% in 2020), and overall budgets have increased significantly over prior years. The Senate has proposed $26.65 billion. In other new survey data, only 3 percent of companies don't plan to boost salaries next year, a drop from 8 percent that didn't give raises this year, according to Willis Towers Watson's (WTW's) latest General Industry Salary Budget Survey. The HR management association's more than 200 respondents reported an average salary budget increase of 4% at their organizations, or a median 5%, in 2021. . Massachusetts ($58,531.20) and Washington, D.C. ($79,955.20) are the two areas with the highest median annual pay. "With differences in how and when organizations and industries recover from the pandemic, and with labor shortages across various industries, Note: Unlike the mathematical average, the median is the middle value after listing expected budget increases in successive order.