2024 Salary Increase Projections

2024 Salary Increase Projections. Respondents reported that average overall salary increase budgets fell from. According to the survey, employers in the us plan to raise their compensation budgets by 3.5% for merit increases for 2024 and 3.9% for their total salary increase budgets.

For the 84% of employers that utilize a formal salary structure, just under 70% adjust the structures annually. Salary increase budgets in 2023 reached their highest level in 20 years, new research shows, and employers are planning to stay fairly aggressive on pay going into next year despite.