If you're hoping to land a big raise or promotion this year, you might want to lower your expectations. Businesses' total salary budgets, which include money for all pay increases including raises and promotions, will be 3.6% in 2024, on average, down from the 4.1% paid out in 2023, Mercer reports. The firm's analysis is based on data from more than 1,000 U.S. organizations across 15 industries. In 2023, organizations promoted 10.3% of their workforce; in 2024, they plan to promote only 8% of employees. Mercer doesn't explain the decline in raises and promotions in its report, but "what we're hearing in conversations with our clients is just generally economic uncertainty," Michael Citron, a principal and compensation and rewards consultant at Mercer, tells CNBC Make It.

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Persons: Mercer, Mercer doesn't, Michael Citron Organizations: Employers, CNBC Locations: Mercer, U.S