2024 pay raises projected at 4% on average, the highest since pre-pandemic
-
Raises in 2024 expected to average around 4%, slightly less than 2023's 4.3% average raise. Still not enough to keep up with inflation.
-
A 4% raise in 2024 will give workers the biggest boost in purchasing power since before 2021, when inflation started eroding buying power.
-
Industries projected to give highest raises in 2024 Energy/utilities (4.5%), Engineering/science (4.4%), Technology (4.1%)
-
Lowest projected raises in 2024 Manufacturing (3.5%), Retail/customer service (3.5%), Education (3.4%)
-
Reasons for 4% average raise low unemployment means competition for talent, pay transparency laws give existing employees leverage, best time to ask for 2024 raise is now.