Promotions and raises are going to be harder to get in 2024—here's why [CNBC]
Willis Towers Watson Public Limited Company - Ordinary Shares (WTW)
Last willis towers watson public limited company - ordinary shares earnings: 2/26 04:05 pm
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Source: CNBC
U.S. companies are planning to spend less on pay and title bumps in 2024 amidst a stabilizing job market and cooling inflation, according to new research from Mercer, an HR consulting firm. Businesses' total salary budgets, which include money for all pay increases including raises and promotions, will be 3.6% in 2024, on average, down from the 4.1% paid out in 2023, Mercer reports. The firm's analysis is based on data from more than 1,000 U.S. organizations across 15 industries. Employers are also pulling back on promotions. In 2023, organizations promoted 10.3% of their workforce; in 2024, they plan to promote only 8% of employees. Mercer doesn't explain the decline in raises and promotions in its report, but “what we're hearing in conversations with our clients is just generally economic uncertainty,” Michael Citron, a principal and compensation and rewards consultant at Mercer, tells CNBC Make It Companies are resetting employee expectations after the ‘great resignation'
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News
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- WTW and Guidewire partner to boost insurance pricing and underwriting performanceGlobeNewswire
WTW
Earnings
- 4/25/24 - Beat
WTW
Sec Filings
- 5/24/24 - Form 8-K
- 5/24/24 - Form 4
- 5/24/24 - Form 4
- WTW's page on the SEC website