2022 Actual and 2023 Executive Pay Forecast

The 2022 Executive actual increase came in at 5.5%. Contractors are projecting a 2023 executive increase of 4.7%. Historically predictions are about .5% low, so initially we would expect the 2023 year-end actual increase to hover around the 5.2% mark. However, the projected 2022 compared to the 2022 actual did not follow this pattern (see below), so it is possible we will exceed our 5.2% forecast. We will have some sense in the second quarter on how 2023 will play out. For comparison, WorldatWork is projecting a 4.2% average increase for all executives in 2023.