At the end of every year, we always get to “kick out the old, and bring in the new”. A chance to hit the reset button on our lives. How about some interesting tidbits on New Year’s Resolutions?

“The New Year offers a blank slate — an opportunity to get things right. When we set New Year’s resolutions, we are utilizing a very important concept called self-efficacy, which means that by virtue of aspiring to a goal and following through on it, I have a sense of control over what’s happening in my life.”

One-third (34%) of U.S. adult citizens plan to make New Year’s resolutions or set a goal for 2024. Adults under 30 (52%) are the most likely to do so, followed by 30- to 44-year-olds (44%). Fewer 45 -to 64-year-olds (27%) and people 65 and older (18%) will set New Year’s resolutions.

An average of 34% of adult Americans make a New Year’s resolution before the night is over. Only 31% of people stick with the promises they made to themselves the prior year. A whopping 81% fail by February. The four most popular types of goals people set are to exercise, eat well, lose weight, and save money.

Best of luck with your New Year’s Resolution and….HAPPY NEW YEAR!!!

Things to Ponder…..
• The best way to get started is to quit talking and begin doing.

• Take a train ride or a bus journey, and watch the world pass by. Allow yourself to get lost in the landscape, and be inspired by the idea of all the lives you are just passing through.

• Think about any public figures who inspire you, and see if they have a biography or autobiography that you can read.

Employers Eyeing More-Modest Pay Increases Next Year

By Kathryn Mayer

U.S. employers are planning smaller pay increases in 2024 compared to this year—and organizations say increases could decline more if economic conditions worsen, new data finds.

A new survey out from consulting firm Mercer—which comes on the heels of several other compensation prediction surveys—finds that employers in the U.S. plan to raise their compensation budgets for merit increases by 3.5 percent for 2024, compared to the 3.8 percent they awarded in 2023. And they plan to raise their total salary increase budgets for nonunionized employees by 3.9 percent, compared to 4.1 percent in 2023.

Mercer surveyed more than 900 organizations in August for the results.

Lauren Mason, senior principal for career at Mercer, said that while the preliminary data show that compensation increases are declining slightly, they are still “well above pre-pandemic levels.” That reflects the ongoing tightness of the labor market and low levels of unemployment.

But employers seem more cautious, given economic fears and concerns over a recession. In fact, 45 percent of employers told Mercer that “economic uncertainty” is the primary reason for slowing annual salary increases.

“If the labor market continues to stabilize and inflation cools further as we move toward the end of the year, compensation pressures are likely to continue to decline,” Mason said.

Recent layoffs and financial strain on the tech industry also appear to be impacting merit budgets, with projected increases of 3.3 percent—a stark difference from historical trends, as the tech sector has typically led pay increases across industries. Several industries, including energy and consumer goods, though, are planning merit budgets above the national average, projecting an increase of 3.7 percent.

A 2024 Pay Picture

Mercer’s survey is the latest study predicting employer compensation strategies for 2024.
A June report by consulting firm WTW, which surveyed more than 2,000 U.S. organizations, predicted that employers are budgeting an average salary increase of 4 percent in 2024.

Research from Seattle-based compensation software firm Payscale found that U.S. employers are budgeting for 3.8 percent pay increases next year—down slightly from this year’s average 4 percent bump. While more than three-fourths of U.S. companies plan to increase salaries in 2024 at the same level or higher than this year, according to Payscale’s Salary Budget Survey, the percentage of organizations expecting to lower their salary increase budgets in 2024 has risen to 22 percent from 9 percent last year.

And total rewards association WorldatWork, which surveyed more than 6,500 employers, found that U.S. employers are budgeting an average increase of 4.1 percent in 2024.

Mercer’s survey, however, predicts the smallest increase yet.

Together, the surveys suggest employers are planning to stay aggressive on pay next year—although they are more cautious about compensation plans.

Although 2024 pay projections are currently in the spotlight, insiders caution it’s still early and that employer strategies may evolve. Mercer said salary projections are bound to change, noting that 85 percent of employers said they are in the preliminary stage of budgeting.

Lesli Jennings, North America leader of work, rewards and careers at WTW, meanwhile, recently told SHRM Online that projecting pay increases for 2024 in 2023 is “a bit like looking into a crystal ball.”