Employees Are Bullish on Pay Raises, Companies Not So Much

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Expecting a big raise this year? Your employer has other ideas.

while containing costs, including for labor, corporate bosses and compensation consultants say.

On average, employers are giving annual merit raises of 3.8% and total compensation increases of 4.1% in 2023—still the highest-reported raises in the survey since the 2008 financial crisis. Though business has slowed in her industry, Kayla Klopotek, 26, asked for a raise at the Madison, Wis., real-estate company where she works as a closing coordinator. Facing a 20% rent increase, she says she pushed for an increase that would cover her higher costs and provide a financial cushion. She made the case by citing her accomplishments, including three promotions within three years, along with her rising expenses.

Among the larger employers that Mercer surveys, base-pay raises have slowed, as the job market shows signs of cooling and a range of companies embark on layoffs. Increases in employee base pay rose an average 3.4% between October and March, down from 4.7% in between January and September of last year, according to Mercer.

 

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