Employees shouldn’t get their hopes up for a big salary boost in 2020. Despite low unemployment and a tight labor market, U.S. employers plan to hold the line on budgeted pay raises next year.
Most companies will offer a 3% increase, which is where raises have hovered for the past decade, a new report by global advisory, broking and solutions company Willis Towers Watson finds. Instead of pay raises, companies are relying on discretionary bonuses, performance and other incentives to recognize and reward top performers.
