Reduction in Salary Adjustments Anticipated for 2024
The 2023 Croner Salary Budget Survey revealed that budgeted salary increases in 2023 are consistent at last year’s forecasted increase. However, budgeted salary adjustments for next year are expected to decrease.
The findings as August 2023 concluded that among all Croner survey participants with formal budgets, the mean merit increase budget for the current fiscal year remained at 3.8% in this year’s population compared to 3.8% in last year’s population. This steady state contrasts with the increase in 2022 to 3.8% from 3.0% in the previous year.
Further, the mean merit increase budget for the next fiscal year decreased from 3.8% in last year’s population to 3.6% in this year’s population. A limited number of participant companies reported freezing adjustment budgets for the current fiscal year.
Salary structure adjustments are also anticipated to decrease over the next year. Among those reporting both merit budgets and structure adjustments, on average, structure adjustments were 80% of merit budgets for the current fiscal year. This percentage is expected to decrease by 9% for 2024.
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 2023 and anticipated for 2024.
For more information about participation in a Croner Survey, please contact Laurie Krashanoff, Manager, Account Relations, at +(415) 485-5521 or laurie@croner.biz.
Follow this link to find out more about The Croner Company’s compensation surveys.