Salary Budget Growth to Ease for Employers, Projected at 3.9% in 2024

 U.S. companies are slowing down on the pay raise train next year. According to Mercer, they’re planning to dial back the growth of employee pay budgets from 4.1% this year to 3.9% in 2024. The job market is easing up a bit, inflation’s cooling off, and everyone’s got their eyes squinted at the murky economic horizon. Lauren Mason from Mercer says, basically if things keep calming down, the plan is to cut back even more on compensation bumps for 2024. What’s on the chopping block? Budget growth for merit increases is getting a trim too, dropping to 3.5% from 3.8% this year. Fewer promotions are in the cards – only 8.7% of folks are getting a leg up next year compared to 10.3% this time around.

Sounds like Mercer’s not the only one playing the cautious card. The Conference Board’s survey shows that about 3 out of 4 big shots (74% of CEOs, to be precise) are looking at raising wages by at least 3% in the coming year.

For more details please visit our website - https://www.hroutlook.com/2023/12/11/salary-budget-growth-to-ease-for-employers-projected-at-3-9-in-2024/



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