The latest Salary Budget Planning Report by Willis Towers Watson (WTW) indicates that salary budget increases are anticipated to rise by 3.9% in 2025. The median pay raise for 2024 has decreased to 4.1% from 4.5% in 2023. Despite the decline, the projected increases remain relatively high compared to past pay cycles where 3% was typical. The report, which surveyed 32,000 companies worldwide, reveals ongoing adjustments in compensation strategies as businesses align with future goals. Click here for article.
Median pay raises for 2024 have decreased to 4.1% from 4.5% in 2023, with a 3.9% increase expected for 2025.
Nearly half (47%) of U.S. organizations reported lower salary budgets for 2024 compared to 2023.
Total payroll expenses, including salaries, bonuses, and benefits, are rising significantly in the U.S., with 73% of companies reporting higher expenses than the previous year.
Almost half (49%) of companies are hiring employees at higher salaries to remain competitive.
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