2022 Actual and 2023 Executive Pay Forecast
The Contractor Compensation Quarterly (CCQ) is especially designed for the busy construction executive that needs to keep abreast of competitive compensation and benefit levels within the industry.
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.