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This is according to the latest Salary Budget Planning Report, released Dec. 18 by global advisory firm WTW.

WTW’s latest Salary Budget Planning Report found overall salary increases in the U.S. are forecasted to rise to 4.6% in 2023, up from an actual spend of 4.2% this year.

According to WTW’s 2024 Best Practices in Healthcare Survey , more than half (52%) of employers have conducted or plan to conduct a full quantitative, nonquantitative and operational Mental Health Parity and Addiction Equity Act (MHPAEA) comparative analysis in 2025.

WTW’s Salary Budget Planning Survey found employers are budgeting an average increase of 4% in 2024.

In 2022, WTW observed a record number of failed say-on-pay votes among Russell 3000 companies.

WTW data shows employers are taking a somewhat more cautious approach to their salary budgets.

WTW’s Global Executive Compensation Analytics Team (GECAT) explored promotions among S&P 100 companies since 2020 to identify typical practices followed when promoting a new CEO from within the existing executive team.

However, based on a Q1 survey of 69 tech companies conducted by WTW, the overall tech industry will most likely be holding the line on stock-based compensation in 2023 — both in terms of participation by job level and the dollar value of awards.

WTW’s analysis found that 68% of companies deliver all or a portion of annual equity value through restricted stock or restricted stock units, up from 67%.

WTW: Healthcare Costs Will Surpass Wage Increases In WTW’s 2024 Best Practices in Healthcare Survey , U.S. employers surveyed project their healthcare costs will increase by 7.7% in 2025, compared with 6.9% in 2024 and 6.5% in 2023.