How many employers plan to give raises in 2024?
As we stand on the brink of a new year, the dynamics of salary increments are undergoing a shift. A recent survey by Resume https://hubs.ly/Q027jk6c0 reveals that only 74% of business leaders plan to offer raises in 2024. What caught my attention is the nuanced approach, with 14% committing to universal raises, while the rest contemplate selective boosts.
🚀 Fueling Equality or Resentment?
Stacie Haller, Chief Career Advisor, cautions against the potential pitfalls of unequal treatment. "Giving raises to some employees and not others fuels resentment within an organization," she emphasizes. In an era where information spreads like wildfire, the call for equal treatment reverberates.
🤝 Will 2024 Herald Equal Treatment?
The survey highlights a potential challenge: a preference for rewarding mid, senior, and executive-level employees over their entry-level counterparts. Haller deems this a questionable move, especially in light of the growing focus on equitable pay.
💼 The War for Talent and Employee Worth
In today's landscape, employees are more attuned than ever to their market value. With salary guides at their fingertips, understanding worth is empowering. Haller asserts that in industries facing a talent war, employees expect at least a cost-of-living increase. Without it, they may seek greener pastures.
💰 Cost-of-Living Adjustments: A Necessity
In the backdrop of a global cost-of-living crisis, 69% of employers planning raises are attributing them to cost-of-living adjustments. The breakdown reveals a spectrum, with 27% anticipating a five percent or more increase, while others consider adjustments ranging from four percent to one percent or less.
🌍 Global Implications
The International Labour Organisation's call for appropriate wage adjustments amid the cost-of-living crisis echoes these findings. Gilbert Houngbo, ILO Director-General, emphasizes the need for measures that significantly improve the living standards of low-income households.
📊 Key Takeaway
As we step into 2024, the decisions around salary raises take on heightened significance. The delicate balance between equal treatment, talent retention, and navigating the cost-of-living crisis will shape the employer-employee dynamic in the coming year. How is your organization approaching this delicate dance?
#Raise2024 #EmployeeEngagement #EqualTreatment #CostOfLiving #BusinessLeadership
Full article: https://hubs.ly/Q027jr4f0
Experienced Talent Acquisition Coordinator skilled in Executive/Administrative tasks, ATS systems, HRIS, Microsoft Office, SharePoint, and Outlook. Currently pursuing HR Management at GMU Advancement Program via NOVA.
2moApplied to a position. Hopefully I get some feedback. Maybe an HR assistant job can pop up!