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The 2024 Employee Salary Predictions Are Out… Pay Bump Or No Bump?

According to a new survey from human resources consulting firm Mercer, salary compensation budgets are expected to grow by an average of 3.5% in 2024

The expected pay increases for next year reflect “the ongoing tightness of the labor market and low levels of unemployment. However, if the labor market continues to stabilize and inflation cools further as we move towards the end of the year, compensation pressures are likely to continue to decline,” -Lauren Mason, Senior Principal at Mercer

In that case, employers could further trim their planned pay increases. Or they could decide to further boost raises and increase promotions if conditions warrant — as they did this year, with budgets being set for a 3.8% boost but employers ended up raising base salary levels an average of 5.6% instead

Also notable: according to the Mercer survey, employers said they plan to promote fewer people, at an average of 8.7% of their staff

Employee Household Expenses Predicted To Rise Again In 2024

Next year’s employee’s potential tension point: Will a 3.5% pay increase cover predicted rising expenses?

✓ Rent up by 3.9%

✓ Credit Card Debt up by 21% + APR with record levels of credit card debt exceeding over $10,000 per household

✓ Utilities up by 3.3%

✓ Food Prices rising fast – weekly grocery bill for a family of 4 could jump from $227 in 2023 to over $300 by the end of 2024 (+32.1%)

The Importance Of Helping Employee’s Manage Their Cash Flow With EWA… One Of The Fastest Growing Employee Benefits Today

Earned Wage Access (EWA) is a new FinTech payday solution allowing employees to get paid on a daily basis. EWA enables your employees to better budget their monthly cash flow, pay bills on time, improve their overall financial health and is proven to help save your employees money

The Rellevate Earned Wage Access Advantage

Recognized Financial Services Corporate Leaders with over 3 million accounts and over $1 Billion in volume in the last year alone

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