Most Employers Won't Give Broad Cost-of-Living Raises in 2023; Layoffs Seen in 2024 Despite Some Bigger Merit Raises

Nearly half of business leaders surveyed said they won't give cost-of-living adjustments to employees in 2023.

More than half of business leaders anticipate layoffs in 2024, indicating the job market has shifted to favor companies.

Even with recent wage increases, workers are still catching up after years of inflation that eroded purchasing power.

74% of business leaders still plan to give some performance-based raises, though not to all employees.

Raises next year may be bigger than recent years for those who get them, especially middle to senior-level employees.