Most businesses plan to raise wages in 2024, but these raises will not necessarily apply to all employees, according to recent research from Resume Builder.

The report was based on data from a survey conducted in October 2023 among 600 business leaders (C-level executive, director, president/CEO/chairperson, owner or partner, chief financial officer, or HR manager).

Some 74% of respondents say their company is planning to give some employees raises in 2024, 8% say their company is planning on giving no raises, and 18% say their company is undecided.

Company plans for 2024 raises survey results

Half of business leaders say 50% or less of employees at their company will receive a raise in 2024, and only 14% say all employees at their company will get a raise.

When asked which groups of employees, if any, they believe it’s most important to give raises to in 2024, 16% of respondents say entry level employees, 32% mid level, 18% senior level, and 17% executive level. Some 16% of respondents say no one group is more important than another.

Employee levels believed to be most important to giving a raise to survey results
<p />Among business leaders who say their company will give raises in 2024, 82% say their company will give performance-based raises, 69% say cost-of-living adjustments, and 55% promotion-based raises.</p>
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About the research: The report was based on data from a survey conducted in October 2023 among 600 business leaders (C-level executive, director, president/CEO/chairperson, owner or partner, chief financial officer, or HR manager).

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Are Businesses Planning to Give Their Employees Raises in 2024?

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ABOUT THE AUTHOR

image of Ayaz Nanji

Ayaz Nanji is a writer, editor, and a content strategist. He is a co-founder of ICW Media and a research writer for MarketingProfs. He has worked for Google/YouTube, the Travel Channel, and the New York Times.

LinkedIn: Ayaz Nanji

Twitter: @ayaznanji