Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus convallis sem tellus, vitae egestas felis vestibule ut.

Error message details.

Reuse Permissions

Request permission to republish or redistribute SHRM content and materials.

Salary Increase Projections 2024 (and 2023)

Articles - Salary Increase Projections 2024

With eyes on compensation plans for the coming year, another report is painting a picture of where employers are with pay raises in 2024.

The vast majority of senior finance leaders (71 percent) plan to give raises of at least 4 percent in 2024, according to a new survey of chief financial officers (CFOs) by Gartner.

In most areas, those raises would outpace inflation, which recently has hovered just above 3 percent, according to government figures.
Despite Deceleration, Most CFOs Still Planning Competitive Pay Bumps in 2024
SHRM | Apr 2024

Signaling an Employer’s Market, Fewer Organizations Plan Pay Raises in 2024
SHRM | Mar 2024

Salary increase budgets in 2023 reached their highest level in 20 years, new research shows, and employers are planning to stay fairly aggressive on pay going into next year despite looming economic fears.
Salary Increase Budgets Hit Two-Decade High
SHRM | Sep 2023

US employers plan to raise compensation budgets in 2024 by 3.5% for merit increases and 3.9% for total salary increases for nonunionized employees, but that is lower than the increases of 3.8% and 4.1% respectively planned for 2023, according to a report by Mercer.
Employers Plan Lower Compensation Increases in 2024
Staffing Industry Analysts | Sep 2023

New research from Seattle-based compensation software firm Payscale finds that U.S. employers are budgeting for 3.8 percent pay increases next year—down slightly from this year's average 4 percent bump.
1 in 5 Companies Plan to Lower Salary Increase Budgets Next Year
SHRM | Aug 2023

Survey Press Releases
Some or all studies may require download and/or purchase.

2024 Annual increase budgets are forming
Mercer | Sep 2023

U.S. Employers Budget for 3.8% Pay Increases in 2024
Payscale | Jul 2023

Salary Increase Budgets Reach 20-Year High in WorldatWork's 2023-2024 Survey
Executive Summary: Salary Budget Survey 2023-2024
WorldatWork | Sep 2023

U.S. employers anticipate 2024 pay raises to remain high as labor market challenges remain, WTW survey finds
WTW | Jun 2023


Related Resources

(Canada) Salary Increases 2024: Budgets Remain High
Normandin Beaudry | Sep 2023

Biden formally announces 5.2% average pay raise for feds in 2024
Government Executive | Aug 2023

Most Employers Support Raising Federal Minimum Wage
SHRM | Aug 2023

Here's some bad news about Social Security's 2024 COLA
USA Today | Jul 2023

Salary Increases 2023

Employers are shelling out bigger pay boosts to employees in 2023 than they have in years, new data indicates—but projections are slightly below what employers had budgeted a few months ago.

That's according to new data by Mercer, which found that U.S. employers reported 2023 annual merit increases have averaged 3.8 percent, while total compensation—which includes merit awards as well as all other types of compensation increases impacting base pay, such as promotional, cost-of-living and minimum wage—increased by 4.1 percent.

Read the article:
2023 Compensation Increases Largest Since 2008 Financial Crisis
As Inflation, Job Market Cool, Employers Eye Smaller Raises in 2023
Employees Say Salary Isn't Keeping Up with Inflation
Typical U.S. Pay Increase Projected to Hit 4.6 Percent in 2023
SHRM | Nov 2022 – May 2023

Some or all studies may require download and/or purchase.

2023 Salary Increase Budgets Projected to Be the Highest Since 2001
The Conference Board | Sep 2022

2022 Policies, Practices & Merit Survey Results (includes 2023 forecasts)
Empsight | Aug 2022

U.S. respondents report, on average, a planned base salary increase of 3.8 percent in 2023. Among some industries, however, base salary increases reported by respondents may surpass 4.5 or even 5 percent for their employees.
2022-2023 Salary Budget Survey (must fill out a form to download the full report)
PayScale | Jul 2022 Data Indicates the Days of Annual Salary Increases In the 3% Range Are Over | Sep 2022

Salary Budget Survey 2022-23: Top-Level Results
Average Salary Increase Budgets Were 4.1% in 2022 and Projected at 4.1% in 2023
WorldAtWork | Aug 2022

Companies are budgeting an overall average increase of 4.1 percent for 2023
Tight labor market drives U.S. employers to boost 2023 pay raises
WTW | Jul 2022




SHRM Members' Survey

Tell us what you think about the Express Request self-service feature in a few quick questions.


​An organization run by AI is not a futuristic concept. Such technology is already a part of many workplaces and will continue to shape the labor market and HR. Here's how employers and employees can successfully manage generative AI and other AI-powered systems.