037: Biggest Pay Raise In 15 Years?! What To Expect With Salary Raises In 2023

The tight labor market the US is currently experiencing has prompted employers to budget big pay raises for 2023. While the average is projected to be about 4.1%, data shows that this would be the most significant pay increase in the past 15 years. So, what does this entail for small businesses?

In this week's episode, Sommer and Joey discuss why pay raise should be a part of your executive strategy for 2023, how to identify a fair pay raise, and best practices in communicating pay increases with your employees.

Joey and Sommer also explore the benefits and hazards of remote work. While workplace flexibility it's a fantastic employee engagement strategy, letting your employees work from anywhere can also pose severe threats to your business. Tune in to learn how to create a solid work remote policy that benefits your team and protects your business!

Key Takeaways 

• WWWW: What expected pay raises in 2023 mean for small businesses (02:46)
• Why salary projections are being increased (4:37)
• How to calculate fair salary increases (12:08)
• Best practices in communicating pay raise to your team (13:09)
• 'Consultant's Corner': The pros and cons of remote work (18:00)
• The difference between 'work from home' and 'work from anywhere' policies (18:44)
• The truth about employees working from abroad (25:20) 

 

Additional Resources

📰 Article in question: 

https://hrexecutive.com/employers-budgeting-big-pay-raises-for-2023/

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Hosts: Joey Price and Sommer Ketron

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