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.
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.