While the typical worker's weekly paycheck averaged $1,118 in 2023, many CEOs were landing compensation packages reaching $16.3 million, a staggering gap that highlights the complex and often controversial landscape of modern pay.
Key Takeaways
- In 2023, median total CEO compensation at S&P 500 companies reached $16.3 million, up 12.6% from 2022.
- S&P 500 CEO realized compensation averaged $14.8 million in fiscal 2022, driven by stock awards.
- Top-paid CEO Elon Musk earned $0 salary but $23.5 billion in compensation via Tesla stock options in 2018.
- U.S. median weekly earnings for full-time wage and salary workers were $1,118 in Q4 2023.
- Average annual salary for software developers in U.S. was $127,260 in 2023.
- Registered nurses median annual wage $81,220 as of May 2023.
- 84% of U.S. employers offered health insurance benefits in 2023.
- Average employer-sponsored health insurance premium for single coverage was $8,435 in 2023.
- 50% of private sector workers had access to paid sick leave in March 2023.
- Median tech industry salary $112,000 in San Francisco 2023.
- Oil and gas extraction average wage $128,900 annually in 2023.
- Finance and insurance sector median $72,560 in 2023.
- Gender pay gap in U.S. stood at 16% in 2023 for full-time workers.
- CEO-to-worker pay ratio widened to 344-to-1 in largest U.S. firms 2023.
- Remote workers earned 20% higher median salaries than on-site in 2023.
CEO pay continues to rise significantly, largely through stock awards, while typical worker wages see modest growth.
Benefits and Incentives
- 84% of U.S. employers offered health insurance benefits in 2023.
- Average employer-sponsored health insurance premium for single coverage was $8,435 in 2023.
- 50% of private sector workers had access to paid sick leave in March 2023.
- Median retirement contribution match by employers was 4.7% of salary in 2023.
- 78% of companies provided dental insurance to full-time employees in 2023.
- Average value of employer-provided life insurance was 1.5 times annual salary in 2023.
- 42% of employers offered paid family leave averaging 12 weeks in 2023.
- Short-term disability coverage reached 47% of private industry workers in 2023.
- Average 401(k) employer match increased to 4.8% in 2023.
- 65% of firms offered wellness programs valued at $500 per employee annually in 2023.
- Paid vacation averaged 10 days for employees with 1 year tenure in 2023.
- 35% of employers provided student loan repayment assistance up to $5,250 in 2023.
- Flexible spending account participation covered 25% of workers for healthcare in 2023.
- Average gym membership reimbursement was $50 monthly for 28% of companies in 2023.
- 401(k) participation rate was 68% among eligible employees in 2023.
- Employer HSA contributions averaged $1,200 per year for family coverage in 2023.
- 55% offered paid parental leave for fathers averaging 2 weeks in 2023.
- Pet insurance benefits covered 19% of workforce at average $20 monthly premium share.
- Tuition reimbursement averaged $5,250 annually for 48% of employers in 2023.
- Mental health days off provided by 22% of companies, averaging 5 days per year.
- Average signing bonus across industries was $5,200 in 2023.
- Retention bonuses averaged 15% of annual salary for key roles in 2023.
- Spot bonuses up to $2,000 given to 60% of employees quarterly in 2023.
Benefits and Incentives Interpretation
While many employers dutifully offer a patchwork quilt of benefits—from essential health coverage to pet insurance—this statistical mosaic reveals that true security in America often still hinges on finding the right company, not just the right job.
Compensation by Industry
- Median tech industry salary $112,000 in San Francisco 2023.
- Oil and gas extraction average wage $128,900 annually in 2023.
- Finance and insurance sector median $72,560 in 2023.
- Healthcare practitioners average salary $104,830 in 2023.
- Construction mean hourly wage $32.85 or $68,310 yearly 2023.
- Professional services median salary $85,200 in 2023.
- Manufacturing average $58,870 annually in 2023.
- Retail trade median $34,120 in 2023.
- Transportation and warehousing average $58,450 in 2023.
- Education services median salary $55,210 in 2023.
- Hospitality average wage $32,450 yearly 2023.
- Wholesale trade median $68,900 in 2023.
- Utilities sector average $102,510 annually 2023.
- Real estate median salary $62,340 in 2023.
- Arts, entertainment median $52,670 in 2023.
- Mining average $92,340 yearly 2023.
- Information technology services average $110,450 in 2023.
- Administrative services median $44,200 in 2023.
- Waste management average $58,120 annually 2023.
- Agriculture median salary $38,750 in 2023.
Compensation by Industry Interpretation
San Francisco tech's median salary of $112,000 loses its crown for raw earnings to oil and gas at $128,900, a fact that would be shocking if the former weren't paid in a currency uniquely designed to evaporate upon contact with Bay Area rent.
Executive Compensation
- In 2023, median total CEO compensation at S&P 500 companies reached $16.3 million, up 12.6% from 2022.
- S&P 500 CEO realized compensation averaged $14.8 million in fiscal 2022, driven by stock awards.
- Top-paid CEO Elon Musk earned $0 salary but $23.5 billion in compensation via Tesla stock options in 2018.
- Median CEO pay ratio to average worker pay in S&P 500 firms was 272-to-1 in 2022.
- Average CEO base salary in S&P 500 was $1.37 million in 2023.
- CEO total direct compensation at top 350 public firms averaged $17.8 million in 2022.
- In 2023, 84% of S&P 500 CEO pay was performance-based, mostly long-term incentives.
- Median CEO bonus in tech sector was $3.2 million for large-cap firms in 2023.
- Fortune 100 CEOs averaged $25.1 million total pay in 2022.
- CEO equity grants made up 70% of total compensation in median S&P 500 package in 2023.
- Average CFO compensation in Russell 3000 was $4.8 million in 2023.
- Median CEO pay at largest U.S. nonprofits was $1.2 million in 2022.
- In banking, top CEOs earned median $13.5 million in 2023 amid rising interest rates.
- Tech CEOs saw 8.5% increase in total pay to $19.4 million median in 2023.
- Healthcare CEO median pay was $12.1 million in S&P 500 firms in 2022.
- CEO pay in energy sector averaged $18.7 million due to oil price surges in 2022.
- Median female CEO pay was $15.2 million vs. $16.5 million for males in 2023 S&P 500.
- Private equity-backed CEO median pay hit $7.9 million in 2023.
- Airline CEOs averaged $15.6 million total comp in 2023 post-pandemic recovery.
- Retail sector CEO median was $11.8 million in 2022 amid inflation pressures.
- Manufacturing CEOs earned average $14.2 million in 2023.
- Media CEOs saw pay cuts averaging 5% to $13.9 million median in 2023.
- Insurance CEO pay median $12.4 million in 2023.
- Telecom CEOs averaged $17.1 million total comp in 2022.
- Auto industry CEO median pay $16.8 million in 2023 EV transition.
- Pharma CEOs earned average $20.3 million in 2023.
- Hospitality CEO pay median $10.5 million post-COVID in 2023.
- Real estate CEOs averaged $11.2 million in 2022 market downturn.
- Consumer goods CEO median $14.9 million in 2023.
- Utility sector CEOs earned $12.7 million average in 2023.
Executive Compensation Interpretation
While the typical American worker might need to save for centuries to afford a CEO's annual lunch tab, the data reveals a world where eight-figure compensation packages are increasingly the norm, driven largely by stock awards and performance incentives, creating a pay ratio that makes Mount Everest look like a manageable hill.
Pay Equity and Trends
- Gender pay gap in U.S. stood at 16% in 2023 for full-time workers.
- CEO-to-worker pay ratio widened to 344-to-1 in largest U.S. firms 2023.
- Remote workers earned 20% higher median salaries than on-site in 2023.
- Inflation-adjusted wages grew 1.2% for typical workers in 2023.
- Black workers earned 73% of white workers' median weekly earnings in 2023.
- Minimum wage workers numbered 1.3% of hourly paid in 2023.
- Real median household income rose 4% to $80,610 in 2023.
- College graduates earned 75% more than high school grads lifetime premium 2023.
- Gig economy workers average $25 hourly but 40% below poverty line risk 2023.
- Wage growth slowed to 4.1% year-over-year in private sector Q4 2023.
- Hispanic workers median weekly earnings $909 vs. $1,295 for whites in 2023.
- Union members earned 10-20% premium over non-union in 2023.
- Salaries increased 4.5% globally but U.S. 5.2% in 2023.
- Women in tech earned 89% of men's median salary in 2023.
- Entry-level pay rose 6.8% amid talent shortage in 2023.
- Real wage growth for bottom 90% was 0.5% vs. top 1% 5.2% in 2023.
- Mid-career professionals saw 3.7% salary bump in 2023.
- Pay transparency laws boosted salaries 2% in affected states 2023.
- Executive pay grew 8.9% while worker pay 3.9% in 2023.
- Older workers (55+) had median earnings $1,303 weekly vs. $1,034 for 25-34 in 2023.
Pay Equity and Trends Interpretation
While the typical U.S. worker saw modest gains and a stronger household income in 2023, the year’s compensation landscape was a stark portrait of persistent inequality, where record corporate profits and remote work premiums coexisted with a widening CEO-worker chasm, stagnant real wages for most, and racial and gender pay gaps that refused to close.
Salary Benchmarks
- U.S. median weekly earnings for full-time wage and salary workers were $1,118 in Q4 2023.
- Average annual salary for software developers in U.S. was $127,260 in 2023.
- Registered nurses median annual wage $81,220 as of May 2023.
- Accountants and auditors median pay $78,880 in 2023.
- Median salary for management analysts was $99,410 in May 2023.
- U.S. teachers average salary $69,544 in 2022-2023 school year.
- Lawyers median annual wage $145,760 in 2023.
- Median pay for financial managers $156,100 in May 2023.
- Average salary for high school teachers $65,220 in 2023.
- Mechanical engineers median $99,510 annually in 2023.
- Retail salespersons median hourly wage $15.35 or $31,920 yearly in 2023.
- Customer service reps median $41,250 per year in 2023.
- Median salary for marketing managers $156,580 in 2023.
- Construction laborers median $40,750 annually in 2023.
- Human resources specialists median $67,650 in May 2023.
- Median pay for sales managers $135,160 in 2023.
- Truck drivers median annual $54,320 in 2023.
- Median salary for graphic designers $61,200 in 2023.
- General office clerks median $41,010 yearly in 2023.
- Physical therapists median $99,710 in May 2023.
- Median pay for IT managers $169,510 in 2023.
- Cashiers median hourly $14.72 or $30,640 annually in 2023.
- Dentists general median $167,160 per year in 2023.
- Median salary for paralegals $60,970 in 2023.
- Stockers and order fillers median $35,120 in 2023.
- Pharmacists median annual wage $136,030 in 2023.
- Median pay for project managers $98,580 in 2023.
- Home health aides median $33,530 yearly in 2023.
- Median salary for data analysts $74,240 in 2023.
- Janitors and cleaners median $34,140 in 2023.
Salary Benchmarks Interpretation
It appears the nation's compensation ladder is rather steep, with lawyers, managers, and tech gurus comfortably perched at the top while those in retail, caregiving, and manual labor are left scaling the rickety lower rungs for a view that barely clears the median.
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