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The perfect storm is about to hit the shores of the U.S. market. Pay raises are on the decline and are expected to be lower in 2025 than 2024, according to reports from consulting firms Willis Towers Watson (WTW) and Empsight.
While the American Psychological Association’s Work in America survey found that 33% of workers plan to look for a new job next year.
WTW surveyed around 31,000 organizations and found that the overall median pay raise for 2024 fell to 4.1%, compared with 4.5% in 2023. Employers—at least so far—are pegging overall salary budget increases even lower.
WTW