{"id":1726,"date":"2024-01-09T15:53:24","date_gmt":"2024-01-09T10:23:24","guid":{"rendered":"https:\/\/www.dss-hr.com\/blog\/?p=1726"},"modified":"2024-01-09T16:11:54","modified_gmt":"2024-01-09T10:41:54","slug":"2024-compensation-trends-why-raises-are-getting-smaller-and-less-frequent","status":"publish","type":"post","link":"https:\/\/www.dss-hr.com\/blog\/2024-compensation-trends-why-raises-are-getting-smaller-and-less-frequent","title":{"rendered":"2024 Compensation Trends: Why Raises Are Getting Smaller and Less Frequent"},"content":{"rendered":"

Annual raises can be an essential component of the retention puzzle, but according to recent data reports, they are occurring less frequently and are, on average, 25% lower. That presents a challenge in a society where living expenses are always rising.<\/span><\/p>\n

Employers are pressured to make financial sacrifices in an effort to keep their companies afloat in th<\/span>e present challenging <\/span>economic environment. Retaining staff is likewise a top priority when there is a shortage of competent talent, but many firms lack the means to offer the competitive benefits that top talent requests.<\/span><\/p>\n

Employees and employers face difficulties as a result of irregular raises that don’t keep up with inflation, the cost of living, or other compensation trends. The following information is essential.<\/span><\/p>\n

According to the study, this past year, two out of every five paid employees (41%) did not receive raises, up from 33% in 2022. Furthermore, the rises this year were only 4.6%, down from an average increase of 6.2% in 2022. This represents a 25% reduction.<\/span><\/p>\n

It’s expected that 29% of workers will not be receiving a rise in pay or promotion in the upcoming year. The pay projection for 2024, which goes beyond pay increases, is a reflection of the recent economic difficulties, which include ongoing concerns about job security and the problem caused by rising living expenses.\u00a0<\/span><\/p>\n

Seventy-three percent of workers stated they would think about quitting their current position in order to get a better salary, and 48 percent of them had considered doing so during the previous six months. Additionally, they are willing to leave for a wage raise of 13.3%, which is less than the 16.1% increase they received the year before.\u00a0<\/span><\/p>\n

The study additionally discovered that workers are persistent for the appropriate reasons:<\/span><\/p>\n