Survey Reveals Modest Compensation Growth Expectations for 2024

(From HR Dive) According to a recent Mercer survey, U.S. employers are projecting more conservative compensation increases for 2024 compared to their 2023 budgets, although these figures still exceed pre-pandemic levels. Employers plan merit increases of 3.5% for 2024, down from 3.8% in 2023, and total salary increases of 3.9%, down from 4.1% in 2023. Employers are also expected to focus less on promotions in 2024.  The survey reflects the tight labor market and low unemployment levels. 

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