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Today's Poll

Overall, how is your business planning to adjust employee pay in 2024?
Poll Description

Sponsored by: GoNetspeed, a fiber internet provider

With the approach of a new year come new budgets — and for some workers, new expectations about what they'll find in their paychecks.

A recent survey of U.S. employers by consulting firm Mercer found they plan to raise budgets for nonunion compensation by an average of 3.5% in merit increases and 3.9% overall during 2024. 

Those numbers are slightly less than the increases employers have actually shelled out in 2023.

Budgeting is a calculated risk. Going into 2024, the labor market is still tight and workers still exert leverage. However, inflation is less of a concern and layoffs have been soaring.