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Expect salaries to go up in 2024 but not by as much as in past years

job tips
Posted at 12:43 PM, Oct 06, 2023

A lot of us think we deserve a raise next year, even with the uncertainty in the economy.

But here's your reality check.

Expect to see salaries go up in 2024, but not by as much as in past years.

"Inflation, we all feel it when we go to the grocery store. So that's impacting individuals who want a raise or are looking for more money. But it's also impacting organizations as well. And so that's one of the reasons why maybe the increase next year is a little bit more measured than it has been over the last couple of years," said Brandi Britton with Robert Half.

The new salary guide from talent solutions firm Robert Half found along with higher inflation, taking on more responsibilities, and also feeling underpaid after learning other people make are all reasons nearly two-thirds of workers plan to ask for a raise before the end of the year.

"It's always good to keep in mind what is the financial situation for your organization? Is it growing? Is it not growing so? If it is growing, and it's been a while since you last had an increase then it's a good time to act," said Britton.

Robert Half found nearly half of workers admit to making a mistake when negotiating their salary.

Mistakes like accepting too little money for their skills and experience.

You can compare your salary to others doing the same or similar jobs by accessing Robert Half's new salary guide here.

You can also search specifically for your city there.

Another mistake workers say they've made while negotiating is putting too much emphasis on pay versus other perks and benefits.

"Prepare in advance for that discussion with your manager, and think about the things that you really want. Do you want more salary? Do you want flexibility? What does flexibility mean to you? Is that a hybrid schedule. Different work hours? Be ready for that question when it comes up, in case your employer can't offer you an increase in salary," said Britton.

Keep in mind, you're still in the driver's seat when it comes to your job, with companies in general having more openings than available people.