2023 Pay Raises Expected Around 4%, But Just 1.4% After Inflation

Average raise next year expected to be around 4%, down slightly from 2022

Inflation-adjusted, workers will see a net raise of about 1.4% in purchasing power

Pay raises will vary widely by industry, with energy seeing the highest at 4.5%

Unemployment is still low so companies need to pay competitively to retain staff

Look for internal promotions and new opportunities at your company for higher pay