2024 Pay Increase Projections

Salary.com reports that US employers plan to increase salaries an average of 3% in 2024.  Employers who have to make market/equity pay adjustments are predicting an additional 0.5% increase for that purpose.

SHRM has confirmed that employers in the U.S. plan to raise their compensation budgets for merit increases by 3.5% for 2024, compared to the 3.8% they awarded in 2023. These same employers plan to raise their total salary increase budgets for nonunionized employees by 3.9%, compared to 4.1% in 2023.

More than half of workers say they are content or happy with their salary, yet nearly 75% say they could be lured to another job, according to a recent survey by BambooHR. On average, workers say they would need a compensation increase of 13.3% or more to leave.