The 2023 Salary Adjustment Survey results offer valuable insights into compensation trends and practices among 158 participating organizations. One key takeaway is the average pay adjustment in Hawaii, which saw a slight increase to 3.8% for all employee groups. 
 
Market pricing remained the primary method for developing compensation structures, with 54.2% of organizations using this approach to ensure market competitiveness. The survey also highlighted the significance of employee recruitment and retention, with market adjustments and non-cash recognition being popular tools for attracting and retaining talent.
 
The survey delved into compensation philosophy, policy, and performance management, revealing that while many organizations had these in place, there was room for improvement in employee understanding. Variations in pay adjustments for top performers indicate that many organizations reward high performers with 1.25 to 1.5 times the average adjustment.
 
These findings emphasize the importance of staying informed about compensation trends and benchmarking practices to remain competitive in the job market. To ensure your organization remains competitive, HEC conducts a variety of compensation and benefits surveys to provide data useful in developing and administering compensation and benefit plans and personnel policies.

Participating members receive the full report, which includes data breakdown by industry, revenue, and employee count. Additional information on pay structure/adjustments, formal performance incentive plans, promotional adjustments, and more are also included. Stay ahead of the curve and make data-driven decisions by participating in our survey services today.