With the price of everything increasing you may need your income to keep up. Is it likely you will receive an increase this year and if so how much might you get?
Recent research* into over 400 large companies across SA gives us some insight into businesses’ plans for dealing with wage increase requests this year.
Last year (2022) saw most businesses giving a 5.9% increase to staff.
The research showed that most businesses are ready to give increases to staff. Similar to last year, the average figure they have in mind for 2023 will be 6.1%.
While some types or levels of employees will receive more and others less it seems +-6% or there about is the most likely increase employees can look to receive.
This figure is, of course, slightly lower than real world inflation, due to things like Eskom’s big price hike etc, but it is positive that most businesses are already budgeting for wage increases.
‘25% these businesses plan to actually hire more staff this year’
Load shedding is hitting businesses hard and it is also interesting to see that 25% these businesses plan to actually hire more staff this year.
51% plan to fill engineering roles and 44% will take on IT staff. Many will also be bringing in more sales people. There is still an optimistic outlook at the majority of those surveyed.
So, if you are planning on asking your boss for a raise just know that most businesses are actually prepared to offer their staff more this year.
‘research showed that most businesses are ready to give increases to staff’
*by WTW South Africa