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08 September 2024 / Report
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Our annual salary increase budgets survey finds organizations are laser focused on retaining their current workforce.
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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