Budgets for employee salary increases have grown by an average of 4.4% in 2023, the highest increase in more than two decades, according to a long-running survey.
U.S. Salary Increase Budgets, a survey conducted annually since 1985 by The Conference Board, also found that the 409 companies surveyed are forecasting another 4.1% increase in 2024. The 2023 increase is the largest since 2001.
The findings come on the heels of the latest quarterly AICPA Business and Industry Economic Outlook Survey, which found that optimism about the U.S. economy among CPA decision-makers doubled from the previous quarter, up to 29% from 14%. Learn more.