Mercer’s Salary Budget Data Indicates 3.9% Increases in 2024

Oct 4, 2023 · Mercer’s latest salary data finds that organizations are planning for merit increases of 3.5% in 2024 and for total salary increase budgets to be at 3.9%.

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Mercer’s Salary Budget Data Indicates 3.9% Increases In 2024

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Oct 4, 2023 · Mercer’s latest salary data finds that organizations are planning for merit increases of 3.5% in 2024 and for total salary increase budgets to be at 3.9%.

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2024 Mercer QuickPulse™ - US Compensation Planning Survey

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In November 2023, the projected average merit increase budget for 2024 was projected to be 3.5% and the average total increase budget was projected to be 3.8%. Now, in March 2024, …

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Mercer QuickPulse™ - US Compensation Planning Survey

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Employers on average are planning to promote a little less than 10% of their workforce in 2024. On average, employees can expect to see a 9.2% pay increase for a one-level promotion. Half …

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Budgets For Merit Raises To Rise Only 3.5% In 2024 | CFO.com

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Sep 27, 2023 · According to an August survey of 932 human resources and compensation professionals, conducted by Mercer, U.S. employers plan to raise their compensation budgets …

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Employers To Slow Gain In Salary Budgets To 3.9% In 2024

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Sep 25, 2023 · Although smaller than 2023, the projected increase in budgets for salaries next year would exceed by 0.1 percentage point the 3.8% gain in 2022, Mercer said. It noted that …

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Remuneration And Salary Trends - Mercer

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3.5% - 4.2% Total salary increase budget for 2024. Mercer's Salary Budget Snapshot collects ongoing insight into remuneration planning intentions. Total salary refers to annual budgeted …

mercer.com

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US Employers Plan More Modest Compensation Increases In 2024

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Sep 25, 2023 · 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 …

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Kavea - Salary Insights: Mercer's Data Forecasts In 2024

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Jan 4, 2024 · This projection by Mercer slightly lags behind the numbers reported in WorldatWork’s “2023-24 Salary Budget Survey,” where 2,146 participating organizations anticipated a 4.1% increase in pay budgets and a 3.6% merit increase on average for 2024. Mercer’s data falls between this and other surveys, such as WTW’s survey of 2,090 ...

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Mercer: 2025 Salary Projections Consistent With 2024 - SHRM

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Oct 2, 2024 · Mercer’s analysis also found that, in addition to remaining consistent with salary increases, employers are planning to promote just under 10% of their employees in 2025. For …

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Mercer: 2025 Salary Projections Consistent With 2024

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Oct 28, 2024 · Mercer’s analysis also found that, in addition to remaining consistent with salary increases, employers are planning to promote just under 10% of their employees in 2025. For …

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2024 Employee Pay Trends - WTW - Willis Towers Watson

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Jan 3, 2024 · In 2023, 96% of organizations increased salaries (compared to 63% in 2020) as overall salary increase budgets and total compensation spend reached new heights. And …

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FAQs about Mercer’s Salary Budget Data Indicates 3.9% Increases in 2024 Coupon?

What is Mercer's salary budget snapshot?

Mercer's Salary Budget Snapshot collects ongoing insight into remuneration planning intentions. Total salary refers to annual budgeted amount for employee salary increases, including promotional increases, adjustments for inflation, mandatory increases, indexation and merit increases. ...

How much should employers raise their compensation budgets in 2023?

According to an August survey of 932 human resources and compensation professionals, conducted by Mercer, U.S. employers plan to raise their compensation budgets by 3.5% for merit increases and 3.9% for total salary increases for non-unionized employees. Those are down from actual 2023 budgets of 3.8% and 4.1%, respectively. ...

How much did employer base salary increase in 2023?

Looking back at actual compensation increases over the last year, employer base salary levels increased 5.6% 2 on average, despite 2023 merit increase budgets of 3.8%. This is a result of off-cycle pay increases which 59% of employers reported providing in 2023. ...

Why did Mercer stop collecting salary increase budget data?

Due to the economic situation in Argentina and Turkiye, Mercer has suspended the collection of salary increase budget data in the Salary Budget Snapshot survey for these markets. As a SBS participant, you will receive free access to individual reports for all available markets in which you have submitted data. ...

Should you participate in Mercer's US compensation planning survey?

Definitely participate in Mercer’s next installment of the US Compensation Planning Survey, coming in October. It will provide you with another round of budget projections to help you finalize your plan. If you have questions or just want more information about Mercer, give us a call at 866-605-1031, or send us an email. ...

Will salary increases go down in 2024?

And though increases are expected to be down in 2024, they look to remain high, according to data from WTW’s December 2023 Salary Budget Planning Report. Average actual salary increases hit 5.4% in 2023 as compared to 5.0% in 2022 among organizations in the top 15 economies around the world. ...