Why you may see a smaller pay raise and less chance of a promotion next year

 In Business

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US employers are planning smaller pay raises and fewer promotions next year, compared to what they gave this year.

That’s according to a new survey from human resources consulting firm Mercer. The survey was taken by more than 900 of its clients, who are employers of varying sizes across 15 industries.

Based on their replies, Mercer said compensation budgets for merit increases are expected to grow by an average of 3.5% in 2024, down from 3.8% this year. Merit increases are the pay bumps related to your prior year’s performance.

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