Articles -Salary Increase Projections 2024
Fewer employers are planning to give pay raises in light of a stabilizing labor market and cooling inflation—but it doesn’t mean employers are scaling back too much amid employees’ heightened financial concerns.
In 2024, 79 percent of organizations are planning to give pay increases—the lowest number in years—according to new data released this week from Seattle-based compensation software firm Payscale. That's a drop from the 86 percent that gave pay hikes to employees in 2023.
Signaling an Employer’s Market, Fewer Organizations Plan Pay Raises in 2024
SHRM | Mar 2024
Salary increase budgets in 2023 reached their highest level in 20 years, new research shows, and employers are planning to stay fairly aggressive on pay going into next year despite looming economic fears.
Salary Increase Budgets Hit Two-Decade High
SHRM | Sep 2023
US employers plan to raise compensation budgets in 2024 by 3.5% for merit increases and 3.9% for total salary increases for nonunionized employees, but that is lower than the increases of 3.8% and 4.1% respectively planned for 2023, according to a report by Mercer.
Employers Plan Lower Compensation Increases in 2024
Staffing Industry Analysts | Sep 2023
New research from Seattle-based compensation software firm Payscale finds that U.S. employers are budgeting for 3.8 percent pay increases next year—down slightly from this year's average 4 percent bump.
1 in 5 Companies Plan to Lower Salary Increase Budgets Next Year
SHRM | Aug 2023
Survey Press Releases
Some or all studies may require download and/or purchase.
2024 Annual increase budgets are forming
Mercer | Sep 2023
U.S. Employers Budget for 3.8% Pay Increases in 2024
Payscale | Jul 2023
Salary Increase Budgets Reach 20-Year High in WorldatWork's 2023-2024 Survey
Executive Summary: Salary Budget Survey 2023-2024
WorldatWork | Sep 2023
U.S. employers anticipate 2024 pay raises to remain high as labor market challenges remain, WTW survey finds
WTW | Jun 2023
Related Resources
Open Survey:2023 Pay Practices and Compensation Strategy Survey
Salary.com | Participation deadline is Oct. 6, 2023
(Canada) Salary Increases 2024: Budgets Remain High
Normandin Beaudry | Sep 2023
Biden formally announces 5.2% average pay raise for feds in 2024
Government Executive | Aug 2023
Most Employers Support Raising Federal Minimum Wage
SHRM | Aug 2023
Here's some bad news about Social Security's 2024 COLA
USA Today | Jul 2023
Salary Increases 2023
Employers are shelling out bigger pay boosts to employees in 2023 than they have in years, new data indicates—but projections are slightly below what employers had budgeted a few months ago.
That's according to new data by Mercer, which found that U.S. employers reported 2023 annual merit increases have averaged 3.8 percent, while total compensation—which includes merit awards as well as all other types of compensation increases impacting base pay, such as promotional, cost-of-living and minimum wage—increased by 4.1 percent.
Read the article:
2023 Compensation Increases Largest Since 2008 Financial Crisis
As Inflation, Job Market Cool, Employers Eye Smaller Raises in 2023
Employees Say Salary Isn't Keeping Up with Inflation
Typical U.S. Pay Increase Projected to Hit 4.6 Percent in 2023
SHRM | Nov 2022 – May 2023
Surveys
Some or all studies may require download and/or purchase.
2023 Salary Increase Budgets Projected to Be the Highest Since 2001
The Conference Board | Sep 2022
2022 Policies, Practices & Merit Survey Results(includes 2023 forecasts)
Empsight | Aug 2022
U.S. respondents report, on average, a planned base salary increase of 3.8 percent in 2023. Among some industries, however, base salary increases reported by respondents may surpass 4.5 or even 5 percent for their employees.
2022-2023 Salary Budget Survey
PayScale| Jul 2022
Salary.com Data Indicates the Days of Annual Salary Increases In the 3% Range Are Over
Salary.com | Sep 2022
Salary Budget Survey 2022-23: Top-Level Results
Average Salary Increase Budgets Were 4.1% in 2022 and Projected at 4.1% in 2023
WorldAtWork | Aug 2022
Companies are budgeting an overall average increase of 4.1 percent for 2023
Tight labor market drives U.S. employers to boost 2023 pay raises
2022 Salary Budget Planning Report - Global (July Edition)
WTW | Jul 2022
