Raises Are 25% Smaller Than Last Year and Fewer Are Getting Them, New BambooHR Study Finds
LINDON, Utah, Dec. 12, 2023 /PRNewswire/ -- BambooHR, the industry's leading cloud-hosted human resource platform where everything works together, released a new study of 1,500 US adults examining worker sentiment around compensation and benefits. The study found that two in five salaried employees (41%) didn't receive raises in the past year, up from 33% in 2022. Those who did received a 25% smaller raise, underscoring the economy's impact on employee pay in the past year.
- The study found that two in five salaried employees (41%) didn't receive raises in the past year, up from 33% in 2022.
- Those who did received a 25% smaller raise, underscoring the economy's impact on employee pay in the past year.
- "For the second year in a row, our study uncovered that employees feel they aren't getting paid enough.
- It's crucial for employers to understand these trends to focus on next steps to improve employee engagement and overall retention."