A majority of CFOs, 71%, plan to increase average employee compensation by 4% or more this year, according to data from Gartner Inc.

That includes 58% of CFOs who plan to raise average employee compensation this year by between 4% and 9%. It also includes 13% of CFOs who plan increases of 10% or more.

“The fact that most CFOs are planning for pay growth that exceeds the level of inflation indicates how tight the labor market is right now and how important it is to find and retain top talent,” Alexander Bant, chief of research in the Gartner Finance practice, said in a press release.

Gartner’s survey found that only 3% planned large decreases and 26% planned nominal changes.

But while 71% of CFOs plan large increases in pay this year, the percentage is below last year, when 86% of CFOs planned large increases.

Gartner surveyed 296 CFOs and senior finance leaders in December 2023 for its report.