Average Annual Salary Increase 2024. — companies expect to give out 4.5% raises this year — a dip from the 4.8% average bump given in 2023, per a new survey of human resources professionals out wednesday morning. Payscale placed average increases in 2023 at 4.8%.
Employers reported that 2024 annual merit increase budgets rose by 3.3 percent, on average, while total salary increase budgets jumped by 3.6 percent—down from the november 2023. Another comparison is from world at work, which predicts that the average pay increase will be.