With 2023 well underway, many employers are still trying to find the right levels of pay for their employees. The stakes are high: If employers don't get compensation right, they may find themselves losing out on talent.

The quest to attract and retain talent over the past year has already caused employers to push pay levels higher than initial projections. Data from consulting firm WTW shows that 70 percent of U.S. employers spent more than they expected to adjust employees' pay levels last year. Now, there are signs that this trend may continue in 2023. READ MORE