Employers Expect Reduced Raises and Fewer Promotion Opportunities in 2024

 Based on data from consulting firm Mercer, American employers plan to revise their budgets. There seems to be a shift in employer intentions around 2024 compensation budgets based on data collected in this survey of more than 900 organizations. Performance-based merit raises are pegged at 3.5 per cent against 3.8 per cent in 2023.

Employers are trying to budget about 3.9% of their compensation budget towards total salary increases for existing employees in 2024. The 2024 budget will allocate only 3.5% for this purpose; this is lower than the 4.1% of 2023. In addition, companies expect lower promotions will be done to their personnel with a minimal percentage of 8.7% as opposed to the previous year’s number of 10.3%.

For more details please visit our website - https://www.hroutlook.com/2025/01/12/employers-expect-reduced-raises-and-fewer-promotion-opportunities-in-2024/



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