A June report by business consulting firm WTW similarly predicted average salary increases of 4% in 2024. Those increases remain “well above” those seen over the past decade, as employers try to remain competitive, a WTW researcher said in a statement.
In addition to upping pay, employers have turned an eye to benefits packages to attract and retain talent. Some are offering free tuition, while others are subsidizing child care.
The Society for Human Resource Management’s 2023 Employee Benefits Survey found that 33% of companies provided workers with paid leave to care for immediate family members. Employers offering other forms of leave also increased, SHRM found, with paid adoption leave up 6 percentage points from the previous year to 34% and paid child foster child leave climbing 3 percentage points to 25%.
