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2024 Pay Increase Projections

By Robin Bond reports that US employers plan to increase salaries an average of 3% in 2024.  Employers who have to make market/equity pay adjustments are predicting an additional 0.5% increase for that purpose.

SHRM has confirmed that employers in the U.S. plan to raise their compensation budgets for merit increases by 3.5% for 2024, compared to the 3.8% they awarded in 2023. These same employers plan to raise their total salary increase budgets for nonunionized employees by 3.9%, compared to 4.1% in 2023.

More than half of workers say they are content or happy with their salary, yet nearly 75% say they could be lured to another job, according to a recent survey by BambooHR. On average, workers say they would need a compensation increase of 13.3% or more to leave.

Robin Bond is “of counsel” to HomansPeck, LLC.  She can be reached at 610-640-5373 or

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