8/31/2023 0 Comments General practitioner salary usWith inflation decreasing and the labor market loosening, employers want to bring pay increases down to more conservative levels in 2024. Payscale’s Salary Budget Survey shows that actual pay increases in 2023 were 4% on average, which was an increase from the predicted 3.8% in last year’s survey. Last year, employers were up against an inflation rate that sat at a 40-year high during salary budget planning season as well as a competitive labor market, which put pressure on organizations to go beyond the 3% salary increase that has been the standard for decades. The percentage of organizations expecting to lower their salary increase budgets in 2024 has risen from 9% to 22%. However, the market has cooled from the frenzy of the Great Resignation, with unemployment increasing and inflation dropping. According to the report, the proportion of organizations expecting their salary budgets in 2024 to either increase or stay the same as last year is 78% in the United States and 81% in Canada - a testament to the competitive labor market of the past few years and the high expectations workers have for raises against inflation. SEATTLE, J(GLOBE NEWSWIRE) - Today, Payscale Inc., the leading provider of compensation data, software and services, launched its eighth annual Salary Budget Survey (SBS), revealing that pay increases in 2024 are predicted to be 3.8% on average in the United States, with higher increases seen in some states, industries, and other countries. Pay increases were 4% on average in the United States in 2023, up from 3.8% predicted in 2022.2024 pay increases are predicted to be 3.8% on average in the United States.78% of organizations in the United States and 81% in Canada say that their 2024 salary increase budget is the same or higher compared to last year.
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