Please note that attendance is complimentary and subject to approval. CFOs, click here to apply to join us in Chicago at Sepia on September 22 or click here to apply to join us on September 29 at The Mansion Turtle Creek in Dallas. Sheryl Estrada events: This month, the Fortune CFO community will meet in person in Chicago and Dallas for two in-depth dinner conversations to delve into the new leadership strategies CFOs must embrace. “HR is working with their CFO partners to basically say, ‘How much can we afford to pay?'” “Salary budgeting time is actually right now,” he says. And 48% said they planned on salary budget increases that are higher or significantly higher than in 2022. A quarter of employers surveyed plan to give increases in the range of 5–7%. When it comes to overall salary percentage increases, “a lot of companies are planning to do more next year,” Turetsky says. Average cost of living increases for smaller organizations were in the range of 2.5–2.7% higher than the typical 2% provided by larger organizations. Salary increases in the health care industry are impacted by reimbursement limits imposed by private and federal health insurers, according to the report.Īlthough there’s historic inflation this year, smaller organizations (under 500 full-time employees) were more likely to provide cost of living increases than larger organizations, according to the report. Health care median total increases in 2022 were just in the 3% range. also found that when it comes to salary percentage increases, the health care industry was an outlier. For example, the median pay packet for leaders of S&P 500 companies rose roughly 12% to $14.7 million that year. Usually incentives or stock or something else is a larger component of pay.” Stock and stock-option awards certainly boosted executive compensation in 2021. “Actually, executive salary isn’t typically the highest driver of pay. “I think it’s saying that executives basically said, ‘Look, we’re going to take a little bit less so we can give the other groups more,’” Turetsky says. However, that data showed that the actual median increase in 2022 for executives was 3.5% compared to 4% for all other categories. ’s survey of more than 1,000 companies in a range of industries conducted in June found that the median 4% increase planned for 2023 is across all employee categories-executives, managers, and exempt and nonexempt employees. Coming up with a salary budget “is not arbitrary for most companies, especially big companies, where even a 10th of a percent represents millions, maybe even hundreds of millions of dollars in payroll,” Wisper said. For the past 10 years, since recovery from the financial crisis of 2008, the average wage increase percentage has been about 3%, Lori Wisper, a managing director at the advisory firm Willis Towers Watson, recently told me.
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