The median standard increase is 3 percent, but the market median for the 2022 fiscal year was 4.5 percent. The merit median was 3 percent and fixed median hit 2.5 percent, according to the survey, which is based on data from 1,300 organizations with a total of 1.2 million individual employees.
Some survey respondents expect relief from raising salary budgets next year while others expect even higher increases. For the 2023 fiscal year, organizations are planning:
1. Fixed median: 2 percent to 3 percent
2. Merit median: 2 percent to 4 percent
3. Market median: 2 percent to 5 percent
The report also found more organizations were increasing minimum wage to $15 per hour to stay competitive. In 2021, 26.5 percent of respondents reported offering a $15 internal minimum wage; in 2022, that number skyrocketed to nearly 54 percent.
Another 15.6 percent of respondents said their internal minimum wage was more than $15 per hour this year, up from 2 percent last year.
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