According to a recent survey, companies gave out smaller raises to rank and file workers this past year than was projected due to inflation. Many companies have been cutting costs where possible amidst inflationary pressures; however, simultaneously, the compensation of many CEOs rose last year faster than the rate of inflation. Despite the smaller than expected wage increases, the data shows that raises are at some of the highest levels since the 2008 financial crisis. Additionally, since pay transparency laws have taken effect in some cities in New York and California, some companies have been more careful with raises in order to maintain pay equity within their workforces.
See "Survey shows that US workers did not see the pay raises they expected last year, partially due to inflationary pressures and employers cutting costs", Megan Cerullo, CBS News, May 4, 2023