The report found employers are being more conservative with their salary budgets as they anticipate lower demand resulting in longer-term stability in their employee base following a period of high resignation and turnover.
Four in 10 employees (41%) are not on the right track with respect to their finances, and nearly a quarter (21%) expect their financial situation to worsen over the next year.
Acquiring companies tend to offer retention agreements to more C-suite executives and their direct reports compared with other salaried employees.
Though down from the actual increase of 4.4% in 2023, the numbers remain higher than the 3.1% salary increase budget in 2021 and years prior.
Additionally, the percentage of CEOs who received a reduction in total pay doubled from 21% in 2021 to 42% in 2022.
The number of companies in the U.S. that automate some of their work is expected to climb to 74% in three years, up from 65% this year and 51% three years ago.
As economic challenges loom large in the U.S., a fifth of organizations (21%) that are changing salary increase budgets have said they will fund increased spending by...