Now part of the Mercer QuickPulse TM survey series to give you the latest insights in compensation planning and total rewards. Engaging articles centering on business issues our clients have tackled. Sustained merit salary increase of 4.5% for 2022, also forecasted for 2023 . Take an inclusive approach to benefits. Interestingly, the Technology industry typically leads the market with their compensation awards, yet the survey found that while Technology employers are right at the national average for total increase (4.2%), there is a slight lag on the national average for merit increases (3.7%) a departure from previous years. This snapshot survey is conducted four times per year and provides up-to-date salary increase budgets for 100+ markets across the globe. Review market practice and statutory requirements of paid and unpaid time off for a selection of core leave programs. The pace of change in the market may also warrant employers to make adjustments outside of the traditional annual paycycles. The total base salary increase budget includes other base pay increases such as promotions and cost of living adjustments, in addition to merit increases. Lastly, take the opportunity to become more transparent around pay. Review statutory and supplemental benefit details for social security, retirement, medical, death, disability and more. With 11.3million job openings, employees have options. A separate Grant Thornton survey of 1,500 full-time U.S. employees found that 51% would give up a 10% to 20% salary increase . The average 2023 merit increase budget, including zeros, reported by survey participants came in at 3.4%, compared to the 3.2% actually delivered in 2022. However, should the economic situation continue to decline, that may change this outcome. In this survey, you may submit all selected markets in a single submission. All Mercer events about talent, investment, and health issues. Compensation practices & salary increase projections for 2022 - Korn Ferry As a SBS participant, you will receive free access to individual reports for all available markets in which you have submitted data. Given the typical budget approval process at any organization, we get it. Hong Kong (3.5%), Singapore (3.5%), Malaysia (4.5%), Philippines (5%) and Thailand (5%) came in below the regional median of 5.4%, while Indonesia came in above at 6.5%. The fierce competition for talent and the anticipated economic recovery is putting pressure on salary increases for next year. Access information and participation materials for a range of compensation and benefits surveys conducted in the US and Canada. As you plan your compensation strategy and total rewards program, youll want the latest data-driven insights about the labour market. PDF The Leader in Executive Compensation Consulting | Salary Survey | Pearl Stay ahead of everchanging regulations. Resources: Leading in the New Shape of Work. Survey: Transportation Policies | Extended to March 3, Survey: Strategic mobility management | Participate by March 17, Survey: Long-term international assignment policies and practices | Participate by March 17, Survey: Salary Budget Snapshot E2 | Participate by May 5. Natural resources company Vedanta had a simple challenge: conduct a succession process that moves at the pace of business. Internet Explorer is no longer a supported browser on imercer.com. For an optimal experience on imercer.com, please use Chrome, Edge, Firefox, or Safari. But is it enough?