US employers for less pay hike

San Francisco: While layoffs in the global tech industry continue unabated, employers in the US are planning to budget less for salary raises next year, according to a new report.

According to recent data from consulting firm Mercer, employers are planning to allocate 3.5 per cent of their compensation budgets to performance-based merit raises in 2024 - down from 3.8 per cent for 2023, reports HR Brew. Businesses are also planning to promote a smaller share of their workforce next year - 8.7 per cent of their employee population compared to 10.3 per cent last year, the report noted.