2024 Average Salary Increase. Employers forecast raising their merit increase budgets by 3.5% and total salary increase budgets by 3.8% on average for 2024, according to surveys by mercer, worldatwork and wtw. 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.

Employers forecast raising their merit increase budgets by 3.5% and total salary increase budgets by 3.8% on average for 2024, according to surveys by mercer, worldatwork and wtw. The survey also explored the drivers and actions of salary increases, such as labor market challenges, inflation, salary compression, and total rewards optimization.