The Workspan Podcast
Episode 57: Highlights from WorldatWork's 2023-2024 Salary Budget Survey
Sep 14, 2023
Guests Liz Supinski, Director of Research & Insights at WorldatWork, and Michaela Leo, Head of Compensation & Benefits for Ipsen, discuss key findings from WorldatWork's salary budget survey, including the increase in salary budgets to a 20-year high of 4.4%. They also talk about the importance of understanding the market and business outlook, building partnerships with finance and business leaders, and critically evaluating data to align the budget with business goals.
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Quick takeaways
- Salary budgets are at a 20-year high, averaging around 4.4%, suggesting a boost in compensation plans after a period of stagnation.
- A strong partnership between rewards professionals, finance, and business leaders is crucial to ensure sustainable and strategic allocation of resources in determining salary budgets.
Deep dives
The 2023-2024 Salary Budget Survey: Key Takeaways
According to the World at Work's 2023-2024 salary budget survey, salary budgets are at a 20-year high, with salary increase budgets averaging around 4.4%. This is the highest increase since 2001, indicating a boost in salary budgets after a period of stagnation. Factors such as inflationary environments and a tight labor market are putting pressure on salary budgets, creating a competition between organizations. However, participants predict a slight retreat in salary increase budgets for 2024, aligning with the numbers seen in 2022. Overall, salary increased budgets have increased globally, with Belgium experiencing surprisingly high numbers due to a government-mandated pay increase for many categories of workers.
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