Employers hold fast to 2024 budget projections and fewer remain undecided

Eckler’s 2024 Compensation Planning Flash Survey results

Responses to Eckler’s recent flash survey on 2024 compensation planning show that over the last few months, employers have not wavered from their projected base salary increase budgets of 3.9%.

The survey also reveals that additional time has allowed employers to grow more confident in their projections with fewer respondents (32% compared to 58% of respondents in our comprehensive survey) declaring that they remain undecided about 2024 budgets.

As employers look to attract and retain talent in a tight labour market, many are adjusting their approach to salary range structures. According to our recent flash survey on 2024 compensation planning, a large majority of respondents (84%) are taking a more proactive approach with annual salary range adjustments.

The modern workforce is changing. The right compensation and total rewards strategy will not only attract and retain top talent – it can transform the performance of your organization.