2024 is here, and, for many HR pros, so are employee requests for salary adjustments. For those looking to retain workers but also keep a potentially tight budget in check, that means looking around for ways to remain competitive without breaking the bank.
According to firms like WTW and compensation experts who talked to HR Dive, salary increase projections remain high, around 4% — an increase from averages closer to 3% in 2021 and years prior. While historically high, the projection is still a dip from 4.4% in 2023.
Despite the comparative boost from early- and pre-pandemic years, many workers say they are dissatisfied with their pay. How much would get them to walk out the door? As little as 13% more, according to BambooHR.
Read on below for a more in-depth look at compensation trends in the new year.