US Salary Increase Budgets 2024-2025
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US Salary Increase Budgets

US Salary Increase Budgets 2024-2025

/ Report

According to The Conference Board 2024 salary increase budgets survey, employers expect 2025 base pay budgets to rise by an average of 3.9%. This is close to the highest projected rate in two decades. While base pay increases help retain workers in a labor market that remains tight, reduced use of adjustments in nonbase compensation, such as hiring and retention bonuses, suggests organizations are recalibrating their workforce and budget strategies due to high labor costs and economic uncertainty.

According to The Conference Board 2024 salary increase budgets survey, employers expect 2025 base pay budgets to rise by an average of 3.9%. This is close to the highest projected rate in two decades. While base pay increases help retain workers in a labor market that remains tight, reduced use of adjustments in nonbase compensation, such as hiring and retention bonuses, suggests organizations are recalibrating their workforce and budget strategies due to high labor costs and economic uncertainty.
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Authors

Dana M. Peterson

Dana M. Peterson Dana M. Peterson

Chief Economist and Leader, Economy, Strategy & Fi…
The Conference Board

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Diana Scott

Diana Scott Diana Scott

US Human Capital Center Leader
The Conference Board

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Mitchell Barnes

Mitchell Barnes Mitchell Barnes

Economist
The Conference Board

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Rita Meyerson, EdD

Rita Meyerson, EdD Rita Meyerson, EdD

Principal Researcher, Human Capital
The Conference Board

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Allan Schweyer

Allan Schweyer Allan Schweyer

Principal Researcher, Human Capital
The Conference Board

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Judit Torok

Judit Torok Judit Torok

Research Associate
The Conference Board

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