Bank of America’s recent workplace benefits report reveals that employees are increasingly worried about inflation. It found that 76% of workers feel the cost of living is rising faster than their salaries or wages, up from 67% in June 2023. And companies are allocating less for pay raises in 2024 than they did last year, with future increase projections also on the decline. WTW, a consulting and advisory firm, recently revealed that 47% of American firms have reduced their salary budgets for 2024, leading to a decrease in the median pay raise from 4.5% in 2023 to 4.1% this year. This drop corresponds with a cooling labor market, where only 38% of employers are finding it challenging to attract and retain talent, a decrease from 57% the previous year.
Learn more about this topic, and how to ask your boss for a pay hike, by reading my newest article for CTW Features, available here.
