Are Businesses Planning to Give Their Employees Raises in 2024?

Are Businesses Planning to Give Their Employees Raises in 2024?

Career Development — Wed., Oct. 25, 2023

Most businesses plan to raise wages in 2024, but not all employees will be affected. A survey of 600 business leaders found that 74% planned to give raises, 8% none, and 18% undecided.

Half of those giving raises plan to give 50% or less of employees a raise, with 16% saying entry level, 32% mid level, 18% senior level, and 17% executive level.

Performance-based (82%), cost-of-living (69%), and promotion-based (55%) raises were reported as the most common. The survey was conducted in October 2023.

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