U.S. Employers Budgeting 4% Pay Raises

(from SHRM) U.S. organizations are budgeting an average pay increase of 4% in 2024, according to consulting firm WTW, which surveyed more than 2,000 U.S. organizations. That number is down from the actual increase of 4.4% in 2023 and the 4.2% increase in 2022, but the projected 2024 figures remain higher than the 3.1% salary increase budget in 2021 as well as other increases in pre-pandemic years.

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