Smaller salary increases, slower wage growth expected for workers in 2024

Employers are budgeting smaller raises and salary increases on average in 2024, according to early predictions from economists. Online job aggregators including ZipRecruiter, Indeed and Glassdoor are also forecasting a slowdown in posted wage growth, according to an Oct. 30 report from CNBC.

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In a June survey conducted by consulting firm WTW, employers said they were planning to increase salaries by 4% in 2024, compared to an average 4.6% raise in 2023. 

A September survey found that organizations were forecasting a 3.9% increase in overall compensation budgets, compared to 4.1% in 2023. 

As wage growth continues to decline steadily, inflation continues to rise, making things more difficult for consumers, according to the report. 

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