Merit Increases For 2024
Merit Increases For 2024. Payscale found merit and performance will be the highest driver of base pay increases in 2024, with 79% of companies listing it as a factor, compared to market adjustment and cost of labor (57%), inflation and cost of living (47%), and internal pay equity (40%). Meanwhile, employers are planning an overall average salary increase of.
On average, a merit increase is 3% of a worker’s salary. In a recent survey of more than 900 companies by mercer, employers predict they’ll raise merit increase budgets by 3.5% in 2024, slightly.