Merit Budget Increases are Slowing Down
The recent 2024 Croner Salary Budget Survey revealed that budgeted salary increases in 2024 are lower than last year and companies expect to decrease salary adjustments for next year.
The findings as of August 2024 showed that among all Croner survey participants with formal budgets, the mean merit increase budget for the current fiscal year is 3.3% in this year’s population compared to 3.8% in last year’s population.
Further, the mean merit increase budget for the next fiscal year decreased from 3.6% in last year’s population to 3.3% in this year’s population.
Survey participants anticipate decreasing salary structure adjustments slightly from 3.2% in the current year to 3.0% next year.
The survey data include companies that participate in The Croner Company’s annual industry-specific compensation surveys. The industries represented in the survey results include: animation and VFX, digital content and technology, entertainment, local media, software gaming, cable providers and content developers for television and streaming. This survey reported on most current salary adjustment budgets and salary structure adjustments for 2024 and anticipated for 2025.
For more information about The Croner Company’s compensation surveys, please contact Laurie Krashanoff, Manager, Account Relations, at +(415) 485-5521 or laurie@croner.com.
Follow this link to find out more about The Croner Company’s compensation surveys.