Comp and Coffee 99 Reporting on our 2024 Salary Budget Survey
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Sep 6, 2024 Amy Stewart, Principal of Research and Insights at PayScale, and Mindy Stone, Senior Director of Rewards, share valuable insights on the 2024 Salary Budget Survey. They discuss the decline in salary budgets post-Great Resignation and the macroeconomic factors influencing these changes, like lower inflation and a cooling labor market. The conversation also highlights industry-specific trends, with healthcare and tech facing unique challenges. Mindy provides practical budgeting tips, emphasizing the importance of stakeholder engagement in salary planning.
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Salary Budgets Are Cooling
- Payscale's Salary Budget Survey shows salary budgets are declining from the Great Resignation peak.
- U.S. average pay increase falls from 3.6% (2024) to 3.5% (2025) while Canada drops from 3.4% to 3.3%.
Macro Factors Drive Budget Moves
- Macroeconomic shifts explain reduced budget aggressiveness, notably cooling labor markets and lower inflation growth.
- Pay increase norms are returning toward pre-COVID averages despite still-elevated rates around 3%.
Build Multiple Budget Scenarios
- Use the Salary Budget Survey to inform multiple budget scenarios and be ready to pivot during planning meetings.
- Consult hiring managers and recruiters early to prioritize pockets of higher turnover or recruiting difficulty.