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As inflation cools, employee pay raises are on the decline

yahoo.com
submitted
9 mos ago
bybambamtofinance

Summary

Base pay increases in 2023 averaged 4.8%, the highest level in two decades. Next year, employers expect to hand out raises of 3.5%, down from 3.6% in 2024.

Companies plan to dole out even less next year, projecting a median raise of 3.9% in 2025. More workers are already unhappy with their salaries.

In the second quarter, fewer than 6 in 10 job switchers landed a bigger paycheck than they had at their former employer. Only 14% of new hires said they received a signing bonus upon hire, down from 23% in the first quarter.

Mentions in job postings of remote work have declined since peaking in 2022, Pollak said, but they're still much higher than before. “If you mention that the job is remote in the job title, you get about five times as many applications per posting,” she said.

Individual employees can be entitled to higher pay increases if they are budgeted for outside of the company average. The pay increases can be paid for by the company, not the employee.

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7 Comments

5
joseph
9 mos ago
You people get raises?
3
joesch
9 mos ago
Probably should job hop if you're not getting any
2
kaiserseahorse
9 mos ago
Definitely not of those here. I need a new job ...
2
joseph
9 mos ago
Always beneficial for yourself to keep moving on
2
kaiserseahorse
9 mos ago
Guess I should get off my ass and brush up my resume
4
throwschen
9 mos ago
Isn't this still a consequence of higher rates?
3
getthatmoneyyo
9 mos ago
This is the right assumption. There's less money to go around even if the companies are doing fine