You could be getting a smaller raise in 2024

You might be getting a smaller raise next year

NORTH TEXAS (CBSNewsTexas.com) – There are early signs that companies are planning smaller raises for their workers in 2024.

According to new market data from Mercer, U.S. employers are increasing their compensation budgets by an average of 3.9% next year.

That's down from the 4.1% increase from last year.

Mercer says healthcare services will likely see the lowest merit increase budget of 3.1%. High tech and other manufacturing will also likely see lower increases at 3.3%.

Many industries including energy and consumer goods are planning their merit budget to be above the national average, at 3.7%.

It could change though, Mercer points out that most companies won't finalize their budgets until this December.

Finance

Julia Falcon

Julia Falcon is a digital content producer at CBS News Texas. Julia has previously written for news outlets across Dallas-Fort Worth like the Denton Record-Chronicle, D Magazine, 1080 KRLD and 105.3 The Fan. She covers a span of topics, focusing on sports and trending topics. Every week, Julia produces a show called "Eye on Trending," where she answers top trending questions.