You could be getting a smaller raise in 2024
NORTH TEXAS (CBSNewsTexas.com) – There are early signs that companies are planning smaller raises for their workers in 2024.
According to new market data from Mercer, U.S. employers are increasing their compensation budgets by an average of 3.9% next year.
That's down from the 4.1% increase from last year.
Mercer says healthcare services will likely see the lowest merit increase budget of 3.1%. High tech and other manufacturing will also likely see lower increases at 3.3%.
Many industries including energy and consumer goods are planning their merit budget to be above the national average, at 3.7%.
It could change though, Mercer points out that most companies won't finalize their budgets until this December.
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