{"id":24997,"date":"2023-08-30T09:15:27","date_gmt":"2023-08-30T13:15:27","guid":{"rendered":"https:\/\/www.wellable.co\/blog\/?p=24997"},"modified":"2023-11-14T11:57:55","modified_gmt":"2023-11-14T16:57:55","slug":"payscale-study-22-percent-of-companies-are-limiting-salary-increases","status":"publish","type":"post","link":"https:\/\/www.wellable.co\/blog\/payscale-study-22-percent-of-companies-are-limiting-salary-increases\/","title":{"rendered":"Payscale Study: 22% Of Companies Are Limiting Salary Increases"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.payscale.com\/content\/report\/payscale-2023-2024-salary-budget-survey-report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Payscale\u2019s 8<sup>th<\/sup> Annual Salary Budget Survey<\/a> reveals a surprising shift: <strong>22% of US companies plan to cut salary raise budgets next year. <\/strong>Amid employee expectations for salary growth, organizations must strike a balance between meeting workforce needs and maintaining financial stability during an unpredictable economic landscape.&nbsp;&nbsp;<\/p>\n\n\n\n<p>This article unpacks key insights from the survey, highlights factors influencing salary trends, and offers insights for HR and compensation professionals.<\/p>\n\n\n<div style=\"border: 1px solid rgb(0 0 0 \/ 0.1); padding: 25px 25px 10px; border-radius: 8px; box-shadow: 0 4px 6px -1px rgb(0 0 0 \/ 0.1), 0 2px 4px -2px rgb(0 0 0 \/ 0.1);\">\n<h3 id=\"h-pressed-for-time-here-s-a-quick-summary\" class=\"wp-block-heading nitoc\">Pressed for time? Here\u2019s a quick summary\u2026<\/h3>\n<ul>\n<li><span class=\"TextRun SCXW28389746 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><strong><span class=\"NormalTextRun SCXW28389746 BCX0\">Anticipated salary budget f<\/span><span class=\"NormalTextRun SCXW28389746 BCX0\">or 2024<\/span><\/strong><span class=\"NormalTextRun SCXW28389746 BCX0\">: <\/span><\/span><span class=\"TextRun SCXW28389746 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun CommentStart CommentHighlightPipeClicked CommentHighlightClicked SCXW28389746 BCX0\">Organizations <\/span><span class=\"NormalTextRun CommentHighlightClicked SCXW28389746 BCX0\">anticipate<\/span><span class=\"NormalTextRun CommentHighlightClicked SCXW28389746 BCX0\"> a 3.8% salary<\/span><span class=\"NormalTextRun CommentHighlightClicked SCXW28389746 BCX0\"> budget <\/span><span class=\"NormalTextRun CommentHighlightClicked SCXW28389746 BCX0\">increase <\/span><span class=\"NormalTextRun CommentHighlightClicked SCXW28389746 BCX0\">for 2024, considering the increase that outpaced expectations in 2023<\/span><span class=\"NormalTextRun CommentHighlightPipeClicked SCXW28389746 BCX0\">.<\/span><\/span><span class=\"TrackChangeTextInsertion TrackedChange TrackChangeHoverSelectColorRed SCXW28389746 BCX0\"><span class=\"TextRun SCXW28389746 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun TrackChangeHoverSelectHighlightRed SCXW28389746 BCX0\"> Thus, the planned salary increase budget is flat year over year.<\/span><\/span><\/span><\/li>\n<li><span class=\"TextRun SCXW86403583 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86403583 BCX0\"><strong>Economic factors<\/strong>: <\/span><\/span><span class=\"TextRun SCXW86403583 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW86403583 BCX0\">Declining inflationary pressure and a cooling labor market<\/span><span class=\"NormalTextRun SCXW86403583 BCX0\"> ha<\/span><span class=\"NormalTextRun SCXW86403583 BCX0\">ve<\/span><span class=\"NormalTextRun SCXW86403583 BCX0\"> prompted companies to reassess their wage growth strategies.<\/span><\/span><\/li>\n<li><span class=\"TextRun SCXW116799901 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><strong><span class=\"NormalTextRun SCXW116799901 BCX0\">The rise o<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW116799901 BCX0\">f<\/span><span class=\"NormalTextRun SCXW116799901 BCX0\"> the \u2018r<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW116799901 BCX0\">ichcession<\/span><\/strong><span class=\"NormalTextRun SCXW116799901 BCX0\"><strong>\u2019<\/strong>:<\/span><\/span> <span class=\"TrackChangeTextInsertion TrackedChange SCXW116799901 BCX0\"><span class=\"TextRun SCXW116799901 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW116799901 BCX0\">Job losses have disproportionately <\/span><\/span><\/span><span class=\"TrackChangeTextInsertion TrackedChange SCXW116799901 BCX0\"><span class=\"TextRun SCXW116799901 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW116799901 BCX0\">impacted<\/span><\/span><\/span><span class=\"TrackChangeTextInsertion TrackedChange SCXW116799901 BCX0\"><span class=\"TextRun SCXW116799901 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW116799901 BCX0\"> white-collar <\/span><\/span><\/span><span class=\"TrackChangeTextInsertion TrackedChange SCXW116799901 BCX0\"><span class=\"TextRun SCXW116799901 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW116799901 BCX0\">workers,<\/span><\/span><\/span><span class=\"TrackChangeTextInsertion TrackedChange SCXW116799901 BCX0\"><span class=\"TextRun SCXW116799901 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW116799901 BCX0\"> a paradigm <\/span><\/span><\/span><span class=\"TrackChangeTextInsertion TrackedChange SCXW116799901 BCX0\"><span class=\"TextRun SCXW116799901 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW116799901 BCX0\">deemed<\/span><\/span><\/span><span class=\"TrackChangeTextInsertion TrackedChange SCXW116799901 BCX0\"><span class=\"TextRun SCXW116799901 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW116799901 BCX0\"> a \u2018<\/span><\/span><\/span><a class=\"Hyperlink SCXW116799901 BCX0\" href=\"https:\/\/www.cnbc.com\/2023\/08\/16\/rather-than-a-recession-we-could-be-in-a-richcession-instead.html\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"FieldRange SCXW116799901 BCX0\"><span class=\"TrackChangeTextInsertion TrackedChange SCXW116799901 BCX0\"><span class=\"TextRun SCXW116799901 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW116799901 BCX0\">richcession<\/span><\/span><\/span><\/span><\/a><span class=\"TrackChangeTextInsertion TrackedChange SCXW116799901 BCX0\"><span class=\"TextRun SCXW116799901 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW116799901 BCX0\">\u2019.<\/span><\/span><\/span><\/li>\n<li><span class=\"TextRun SCXW71722648 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><strong><span class=\"NormalTextRun SCXW71722648 BCX0\">It\u2019s<\/span><\/strong><span class=\"NormalTextRun SCXW71722648 BCX0\"><strong> not all about money<\/strong>:<\/span><\/span><span class=\"TextRun SCXW71722648 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW71722648 BCX0\"> Compensation extends beyond immediate salary, encompassing a comprehensive suite of benefits and policies that improve employees&#8217; financial well-being and <\/span><span class=\"NormalTextRun SCXW71722648 BCX0\">overall<\/span> <span class=\"NormalTextRun SCXW71722648 BCX0\">job satisfaction.<\/span><\/span><\/li>\n<\/ul>\n<\/div>\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-insights-from-the-survey\">Key Insights From The Survey<\/h2>\n\n\n\n<p>As the 2023-2024 salary budgeting season unfolds, the survey draws insights from 1,757 organizations evaluated between April and June of this year:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>22% <\/strong>of US companies expect to<strong> reduce salary raise budgets <\/strong>in <strong>2024<\/strong>, a notable change when compared to <strong>9% <\/strong>last year.&nbsp;<\/li>\n\n\n\n<li>Planned salary increase budgets are <strong>flat year over year<\/strong>.&nbsp;<\/li>\n\n\n\n<li>The average salary increase <strong>varies by industry<\/strong>, with the largest increases planned in the energy, food, beverage, and hospitality sectors.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"361\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/Key-Insights-From-The-Survey-1024x361.png\" alt=\"Key Insights From The Survey\" class=\"wp-image-25010\" style=\"width:824px;height:290px\" srcset=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/Key-Insights-From-The-Survey-1024x361.png 1024w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/Key-Insights-From-The-Survey-300x106.png 300w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/Key-Insights-From-The-Survey-768x270.png 768w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/Key-Insights-From-The-Survey.png 1042w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-historical-context-salary-increase-over-the-years\">Historical Context: Salary Increase Over The Years<\/h3>\n\n\n\n<p>The standard salary increase budget hovered around 3% pre-pandemic, representing a universal benchmark for compensation growth. However, the aftermath of COVID-19 has significantly altered the global landscape. Economic fluctuations, changes in the job market, and evolving work conditions have contributed to shifts in compensation structures. As evidence of this change, in 2023, the actual salary increase rate was 4%, a full percentage point higher than the pre-pandemic norm.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-are-some-companies-limiting-salary-increases\">Why Are Some Companies Limiting Salary Increases?<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"792\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/3658897-e1693375659386-1024x792.jpg\" alt=\"Why Are Some Companies Limiting Salary Increases?\" class=\"wp-image-25012\" style=\"width:355px;height:275px\" srcset=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/3658897-e1693375659386-1024x792.jpg 1024w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/3658897-e1693375659386-300x232.jpg 300w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/3658897-e1693375659386-768x594.jpg 768w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/3658897-e1693375659386-1536x1187.jpg 1536w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/3658897-e1693375659386.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-balancing-out-the-prior-year\">Balancing Out The Prior Year<\/h3>\n\n\n\n<p>The discrepancy between last year&#8217;s projected and actual salary increase rates appears to be a driving factor in budget cuts. 77% of US companies that anticipate a reduction in their 2024 salary increase budget compared to the 2023 figures attribute this adjustment to elevated prior-year increases.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"376\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/Balancing-Out-The-Prior-Year-1024x376.png\" alt=\"Balancing Out The Prior Year\" class=\"wp-image-25013\" style=\"width:982px;height:361px\" srcset=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/Balancing-Out-The-Prior-Year-1024x376.png 1024w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/Balancing-Out-The-Prior-Year-300x110.png 300w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/Balancing-Out-The-Prior-Year-768x282.png 768w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/Balancing-Out-The-Prior-Year.png 1423w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-lower-inflation\">Lower Inflation<\/h3>\n\n\n\n<p>Inflation, which surged to a 9.1% peak last year, has since moderated to about 3%. Declining inflationary pressure has prompted companies to recalibrate their salary increase projections in response to the changing cost of living.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-cooling-labor-market\">Cooling Labor Market<\/h3>\n\n\n\n<p>Unemployment rates lingered around 3.4% in January, but the market has slightly relaxed with unemployment rates rising to 3.6% by May. This shift, while not dramatic, has prompted companies to reassess their wage growth strategies as they adapt to a slightly less competitive hiring landscape.&nbsp;<\/p>\n\n\n\n<p>Contradictory to these conservative projections is the robust wage growth of 6.1% reported for Q2 2023, reflecting an upward trajectory in earnings. Amidst a complex economic environment, companies are challenged with striking a balance between addressing employees&#8217; expectations for higher pay increases and broader economic trends.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-underlying-influences-on-salary-budgets\">Underlying Influences On Salary Budgets<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"720\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6573-1024x720.jpg\" alt=\"Underlying Influences On Salary Budgets\" class=\"wp-image-25015\" style=\"width:401px;height:282px\" srcset=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6573-1024x720.jpg 1024w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6573-300x211.jpg 300w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6573-768x540.jpg 768w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6573-1536x1080.jpg 1536w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6573-2048x1440.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-global-economic-uncertainty\">Global Economic Uncertainty<\/h3>\n\n\n\n<p>Global economic conditions and persistent predictions of a looming recession cast a shadow on decision-making. Despite these forecasts, the US economy has shown resilience, with:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Growth in the first half of 2023&nbsp;<\/li>\n\n\n\n<li>Strong labor market conditions&nbsp;<\/li>\n\n\n\n<li>Resilient consumer spending&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>The buoyancy of the labor market paired with resilient consumer spending patterns adds a layer of complexity to the decision-making process, prompting companies to tread cautiously in an evolving economic landscape.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-richcession-realities\">\u2018Richcession\u2019 Realities<\/h3>\n\n\n\n<p>Job losses have disproportionately impacted white-collar workers, a paradigm deemed a \u2018<a href=\"https:\/\/www.cnbc.com\/2023\/08\/16\/rather-than-a-recession-we-could-be-in-a-richcession-instead.html\" target=\"_blank\" rel=\"noreferrer noopener\">richcession<\/a>\u2019. This paints a picture of an uneven economic landscape, where the demand for and wages of lower-income groups are outpacing those of higher-income groups. The waves of <a href=\"https:\/\/www.wellable.co\/blog\/big-techs-mass-layoffs-implications-for-economy-and-employers\/\" target=\"_blank\" rel=\"noreferrer noopener\">layoffs in sectors like tech<\/a> and banking have instilled concerns about a potential <a href=\"https:\/\/www.wellable.co\/blog\/half-employees-lack-emergency-savings-for-recession\/\" target=\"_blank\" rel=\"noreferrer noopener\">recession<\/a> still looming.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"has-medium-font-size\"><em>In most recessions, unemployment rises more for lower-income groups. Although we are not in an overall recession yet, the demand for and wages of lower-income groups are outpacing higher-income groups.<\/em><\/p>\n<cite><em>Tomas Philipson, Professor of Public Policy Studies at the University of Chicago and former Acting Chair of the White House Council of Economic Advisers<\/em><\/cite><\/blockquote>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"implications-for-hr-compensation-professionals\">Implications For HR &amp; Compensation Professionals<\/h2>\n\n\n\n<p>While this data can guide HR and compensation professionals in shaping <a href=\"https:\/\/www.wellable.co\/resources\/2023-us-wellness-professional-compensation-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">compensation<\/a> strategies, it&#8217;s crucial to consider the impact of various factors on decision-making.<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image mobile-center\">\n<figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6111169-1024x1024.jpg\" alt=\"Collecting Niche Data\" class=\"wp-image-25020\" style=\"width:294px;height:294px\" srcset=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6111169-1024x1024.jpg 1024w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6111169-300x300.jpg 300w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6111169-150x150.jpg 150w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6111169-768x768.jpg 768w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6111169-1536x1536.jpg 1536w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6111169-96x96.jpg 96w, https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2023\/08\/6111169.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-collecting-niche-data\">Collecting Niche Data<\/h3>\n\n\n\n<p class=\"has-text-align-left\">To design compensation plans that align with an organization\u2019s unique characteristics, account for factors such as:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Company size&nbsp;<\/li>\n\n\n\n<li>Industry&nbsp;<\/li>\n\n\n\n<li>Location&nbsp;<\/li>\n\n\n\n<li>Job roles and responsibilities&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>This customization ensures compensation remains competitive within industry norms, aligns with local economic contexts, and fairly reflects the contributions of the workforce.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-balancing-employee-expectations-for-total-compensation\">Balancing Employee Expectations For Total Compensation<\/h3>\n\n\n\n<p>Organizations face the difficult task of navigating employee expectations amid the backdrop of mounting inflation and persistent wage growth. Striking an equilibrium among these expectations, practical compensation strategies, and <a href=\"https:\/\/www.wellable.co\/blog\/ultimate-pay-transparency-guide\/\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal responsibility<\/a> is paramount to attract and retain top talent while fostering a financially sustainable environment.&nbsp;<\/p>\n\n\n\n<p>This balance extends <a href=\"https:\/\/www.wellable.co\/blog\/what-makes-happy-employees-not-just-compensation\/\" target=\"_blank\" rel=\"noreferrer noopener\">beyond immediate salary<\/a>, encompassing a comprehensive suite of benefits and policies that improve employees&#8217; financial well-being and holistic job satisfaction. This includes:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Health insurance premiums&nbsp;<\/li>\n\n\n\n<li>Professional development reimbursement&nbsp;<\/li>\n\n\n\n<li>401k contributions&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.wellable.co\/lifestyle-spending-account\" target=\"_blank\" rel=\"noreferrer noopener\">LSA<\/a> contributions&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>One <a href=\"https:\/\/cdn.wrike.com\/ebook\/From_Positivity_to_Productivity_Exposing+the+Truth_Behind_Workplace_Happiness.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">survey<\/a> noted additional factors that contribute to overall employee happiness, such as:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Supportive management&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.wellable.co\/blog\/4-flexible-work-arrangement-trends-for-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">Flexible hours<\/a> and work arrangement autonomy&nbsp;<\/li>\n\n\n\n<li>Meaningful work&nbsp;<\/li>\n\n\n\n<li>Positive company culture&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>These aspects align with the understanding that employees seek work-life balance and fulfillment extending beyond monetary rewards. As modern employee preferences continue to diversify, a holistic approach ensures that compensation strategies remain attuned to the dynamic needs and aspirations of the workforce.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>22% of US companies plan to cut salary raise budgets next year. How can organizations meet employee expectations while maintaining financial stability?<\/p>\n","protected":false},"author":1,"featured_media":25031,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,21],"tags":[],"class_list":["post-24997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-facts-and-research","category-non-wellness-employee-benefits"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.8.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Payscale Study: 22% Of Companies Are Limiting Salary Increases | Wellable<\/title>\n<meta name=\"description\" content=\"22% of US companies plan to cut salary raise budgets next year. 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