The latest Salary Budget Planning Report released by Willis Towers Watson (WTW) shows that salary budget increases areexpected to rise by 3.9% in 2025. The overall median pay raise for 2024 dropped to 4.1%, compared with 4.5% in 2023.Although these expected wage increases have diminished since 2023, this figure remains high compared to many previous paycycles, where 3% was common.
“As the workplace stabilizes and employers look more toward the future, companies are reviewing and updating their compensation philosophies to ensure they align with business strategy.”
–Lesli Jennings, North America leader of Work, Rewards and Careers,WTW
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