Fewer employers plan to bump up salaries next year, and signing bonuses are few and far between, according to several new surveys. Even job switchers aren't ...
In the summer of 2022, the unemployment rate was 3.5% and workers were in the driver's seat, demanding higher salaries, greater growth and promotion prospects, and more desirable benefitsAnd it worked. Employers in the tight job market were eager to recruit and retain workers. Base pay increases in 2023 averaged 4.8%, the
Among the nearly 1,900 US companies polled in the second quarter, nearly half said they had cut their budgets for salary bumps this year, lowering the median raise to 4.1%. And they plan to dole out even less next year, projecting a median raise of 3.9% in 2025.Pay varies depending on what field you work in, of course. For example, employees in science, engineering, and government will experience salary bumps over 4%, per the Payscale data.
Have a question about retirement? Personal finances? Anything career-related? Click here to drop Kerry Hannon a note. And for those job jumpers who really didn’t want to part ways with their old boss, only 16% said they received a counter-offer from their former firm, down from 24% in the first quarter.“In our previous surveys of new hires, everyone who negotiated — almost 94% — were getting some improvement in their offer when they negotiated,” Pollak said. “Now that's down to about 85%.”
Mentions in job postings of remote work have declined since peaking in 2022, Pollak said, but they're still much higher than before the pandemic. “If you mention that the job is remote in the job title, you get about five times as many applications per posting,” she said. Nothing ventured, nothing gained. Individual employees can be entitled to higher pay increases that are budgeted for outside of annual company-wide increase. Feeling blue about pay? Take a breath. You can still give it a go and ask for a pay increase.
The week in audio: The Opinions; Grenfell: Building a Disaster; Scripts; A Year in the Life of the Swinging Sixties – review
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