Compensation is more important than ever as employees continue to grapple with an inflated cost of living and are highly focused on the state of the economy.
The average salary increase for 2024 is about 3.6% while annualized inflation is about 2.4%, leaving half of employees struggling to make ends meet, according to a survey of 1,500 full-time, salaried employees conducted by BambooHR. The study found over half of the US workforce is having a difficult time managing financial obligations, including 60% who are paying off debt equal to 30% of their paycheck. Only 41% of employees feel their current pay is sufficient to sustain their lifestyle.
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