With inflation still running hot, many employees are hoping to bring home a little extra in their paychecks next year. But if you're gearing up to ask for a raise, don't wait: Now is the time to strike.
Rico Donald runs a food stand, but like a lot of workers, he is barely making ends meet.
"Rent is high, gas and electric is high, food is high," Donald said while preparing chicken and fries for his lunchtime customers.
He, like so many people, would like some more money to keep up with the nearly 4% inflation in the last year.
Liz Supinski is the director of research and insights at World at Work, a human resources specialist firm.
"Budgets for pay increases are the highest level we've seen since 2001," she said.
Based on their survey results, she predicts average raises of 4.1% in 2024 as companies fight to retain workers.
"There still remain more job openings than workers to fill them," she said. "Competition for workers often leads to wage increases as companies compete to attract and retain employees."
While that's great news, how do you cash in if the boss offers you a meager 1.5% or no raise at all?
"When it comes to getting a raise, your performance matters," Supinski said.
Raise predictions go up or down, she says, depending on you.
John Matarese
