War for talent, inflation spark highest pay hikes since 2007: Study

Overall salary increases in the US will be above 4.2% this year

Companies plan to boost salaries 4.6 per cent for next year, up from earlier expectations and an increase over their budget for this year, as inflation and a resilient labor market have sent business scrambling to sweeten pay or risk losing their best people.

Overall salary increases in the US will be the most since 2007, a survey of 1.550 organizations from workplace consultant Willis Towers Watson (WTW) found, and above the 4.2 per cent increase for this year. 

A similar WTW survey conducted earlier in the year saw just a 4.1 per cent increase for 2023. Seven out of ten companies