Pay transparency laws land in more states as raises slump

A recent study from Payscale reveals a decline in employer willingness to increase salaries, with 6% cutting pay raises altogether. Amid economic uncertainty, many companies are tightening compensation while pushing for more in-office work, which has prompted a significant number of employees to resign. While average salary increases for 2023 are projected at 3.5%, down from previous years, pay transparency laws are on the rise, offering some hope for workers. The data signals a shifting landscape in the job market where flexible working arrangements are becoming essential for retaining top talent.

"Between the precarious economy, increased employer power in the labor market, and a heated political climate, organizations have been grappling with increased tensions when it comes to compensation."

"Those employers might regret that. Many industries are proactively seeking new hires right now, however, and companies that offer flexible working arrangements may attract better talent."

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