How big is your raise likely to be next year? We found out.

Mon, 10/16/2023 - 05:00

Large hand holding a small bag of money that is disappearing — Four new surveys suggest that the average raise is going to be smaller next year — and things may get get even worse in 2025.
Tyler Le/Insider

In 2021 and 2022, American workers hoping for a bigger paycheck had two powerful words at their disposal: I quit. During the Great Resignation, millions switched jobs for higher-paying ones — then sometimes, mere months into a new role, turned around and pounced on an even better-compensated opportunity. For job hoppers, the money was there for the taking.