Tighter budgets mean fewer raises and promotions. But taking ‘your foot off the gas when it comes to compensation' may backfire [Fortune]
S&P Global Inc. (SPGI)
Last s&p global inc. earnings: 4/28 07:10 am
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Source: Fortune
According to Mercer's March 2024 U.S. Compensation Planning survey, on average, employers raised compensation budgets by 3.3% for merit increases and 3.6% for total salary increases for non-unionized employees—both figures coming in lower than November projections of 3.5% and 3.8%, respectively. The firm's analysis is based on data from more than 1,000 U.S. organizations across 15 industries, ranging from those with fewer than 500 employees to some with over 20,000. While some industries did see higher-than-average figures for merit increases—the highest, transportation equipment, came in at 3.9%—others, such as health care services, were well below at 2.9%. Potential increases keep trending downward, according to Michael Citron, principal, compensation and rewards consultant at Mercer. Companies also have been pulling back on promotions. “Back in November, they said, ‘Okay, well, on average, we think we're going to promote 9.3% of our employees,'” Citron explained. “And then w
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SPGI
Earnings
- 4/26/24 - Miss
SPGI
Sec Filings
- 5/6/24 - Form 8-K
- 4/26/24 - Form IRANNOTICE
- 4/25/24 - Form 10-Q
- SPGI's page on the SEC website