Employers skimped on planned pay raises for workers
CBSN
Companies shelled out smaller than projected merit raises to rank and file employees while CEOs' compensation rose faster than inflation last year.
Employers pulled back on raises they had planned in November 2022 as labor shortages abate and companies look for savings as the economy slows, according to a compensation planning survey of roughly 1,000 employers from corporate benefits provider Mercer.
When planning raises for workers, firms said they were budgeting 3.9% for merit increases and 4.3% for total increases, on average.
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