Compensation challenges and trends for 2023
2022 has been a story of two halves for compensation professionals in the US. Q1 and Q2 experienced economic growth as Covid 19 concerns and restrictions were lifted globally. When the market kickstarted with dramatic labor shortages and rising inflation, we witnessed unprecedented base pay increases across nearly all sector verticals. Average wages increased by 4.2% but felt more like a reduction of 3% with rapidly rising prices. Compensation professionals faced the challenges of increasing pay universally across organizations, retaining talent in a highly competitive and labor-short market, and managing the stock market volatility, which adversely affected performance based LTIPs.
Benefits Trend for 2023
Employee Benefits throughout 2022 have been a story of two halves. As the US emerged from Covid restrictions, benefits in Q1 and Q2 focused on return-to-work strategies, workplace safety, employee testing requirements, and the thorny issues of vaccination status. Strategies around office layouts, hybrid working, and post-Covid fallout due to increased mental health issues were very much at the top of the agenda. This was set against “The Great Resignation” and a labor shortage, meaning staff retention and engagement were at an absolute premium.
September 2022 Salary Survey / Texas, Florida, North Carolina, Georgia
How we collected the data
For September 2022 we collated data from 428 individuals operating within the Compensation and Benefits specialty across the above states. We gathered salary and package breakdown information and cross-referenced this with all offers that Total Rewards Search received for candidates in these states from the start of 2022. This allowed us to create market ranges that consider the salaries organizations are currently paying and willing to pay for talented individuals.
January 2022 Salary Survey
How we collected the data
For 2022 we collated data from 371 individuals operating within the Compensation and Benefits specialism across the New York and Tri State area. We gathered salary and package breakdown information and also cross referenced this with all offers that Oakleaf Total Rewards search received for candidates throughout the full 2021 financial year. This allowed us to create market ranges that take into account the salaries clients are currently paying and indeed willing to pay for talented individuals.
TRS have just launched their 2022 Compensation & Benefits US salary survey.
Our report contains a detailed breakdown of salary and total compensation data for Compensation, Benefits, and HR Operations professionals along with market themes and trends.
The data offers invaluable insights for US based professionals in the Compensation & Benefits industry and for HR leaders who are looking at hiring plans for the coming year.
To receive a copy of the survey in your inbox, please send us your e-mail address.