Your raise will probably be smaller this year—but you might get more than one

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If you’re expecting your 2023 raise to outpace the one you received last year, you’re probably in for disappointment. 

Thanks to the persistently high number of open jobs and massive worker turnover, more organizations gave higher-than-normal raises to their employees in 2022. While those boosts overall didn't keep up with high inflation levels, actual wage growth for private employees grew by an average of 5.3% at the end of last year.