Overview
The World at Work Salary Budget Survey 2023 is an annual survey conducted by World at Work, a non-profit organization dedicated to helping employers attract and retain employees, and to ensure they are motivated and engaged. The survey is conducted with input from employers across the globe and includes information on salary budget increases, variable pay programs, and salary structure changes. The survey also collects data on the impact of the COVID-19 pandemic on salary budgeting and variable pay programs.
Findings
The survey found that salary budgets will remain relatively flat in 2023. The median salary budget increase for 2023 is only 2% for the majority of employers. This is a significant decrease from the 4% increase reported in 2020. The survey also found that variable pay programs are likely to remain unchanged in 2023, with the majority of employers reporting no changes in their variable pay program.
Impact of the Pandemic
The survey also gathered data on the impact of the COVID-19 pandemic on salary budgets and variable pay programs. The most significant impact was on salary budget increases. The survey found that employers are less likely to increase their salary budgets in 2023 than they were in 2020. The median salary budget increase for 2023 is only 2%, compared to the 4% increase reported in 2020.
Salary Structures
The survey also found that employers are making changes to their salary structure to better accommodate employee needs in the wake of the pandemic. The survey found that employers are more likely to offer more flexible salary structures, such as offering more variable pay and incentives, and are also more likely to offer more flexible work arrangements such as remote working. The survey also found that employers are more likely to offer salary increases for employees who take on additional responsibilities or move into new roles.
Conclusion
The World at Work Salary Budget Survey 2023 provides valuable insight into the impact of the pandemic on salary budgeting and variable pay programs. The survey found that salary budgets will remain relatively flat in 2023, with the median salary budget increase for 2023 being only 2%. The survey also found that employers are making changes to their salary structure to better accommodate employee needs in the wake of the pandemic. Overall, the survey provides valuable insights into the salary budgeting and variable pay programs of employers in 2023.