Recent waves of tech layoffs combined with record inflation and talks of a U.S. recession are causes for concern for employers and employees alike — does this mark the end of a worker-friendly job market?
According to Willis Towers Watson, not necessarily. In WTW’s latest Salary Budget Planning Report, salary increases are forecasted to jump by 4.6% in 2023, which is 0.4% higher than 2022. In fact, 77% of companies surveyed reported being motivated to boost earnings due to inflationary pressures, while 68% say they are still motivated by a tight labor market.
