Fewer American workers are receiving raises these days — and those raises are smaller than they used to be. That's one of the main takeaways from a new study of 1,500 adults examining worker sentiment regarding compensation and benefits.

Released by the cloud-hosted human resources platform BambooHR, the report found that 2 in 5 salaried employees (41%) didn't receive raises in the past year — up from 33% not receiving raises in 2022. Those who did get raises saw a 25% decrease from previous raise amounts, underscoring the economy's impact on employee pay in the past year.

"While an uncertain job market might be keeping employees at a company, it's clear that morale is low," said Anita Grantham, head of HR at BambooHR. "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."