Scroll down for detailed guides on salary brackets for various sectors
Employees in the US can look forward to an average salary rise of about 4 per cent in 2024, as continuing inflationary pressure and a tight labour market puts employers on notice to retain and attract talent, according to a report by global advisory company Willis Towers Watson.
However, this year’s 4 per cent increase is down from the 4.4 per cent average salary rise in 2023, WTW says in its Salary Budget Planning survey.
“We are seeing healthy salary increases forecasted for 2024,” says Hatti Johannsson, WTW’s research director for reward, data and intelligence.
“Though economic uncertainty looms, employers are looking to remain competitive for talent, and pay is a key factor.”
While inflation has eased in the world’s biggest economy, after hitting a peak of 9.1 per cent in June 2022, it remains above the US Federal Reserve’s 2 per cent target.
On Tuesday, the Labour Department said that February’s consumer price index rose to 3.2 per cent on an annual basis, up from 3.1 per cent in January.
Despite the Fed’s aggressive interest rate rises to cool the economy and ease the cost-of-living crisis, the jobs market has remained strong, with the US adding 275,000 jobs last month and unemployment coming in at 3.9 per cent, according to Labour Department data.
“At the same time, organisations should remember pay levels are difficult to reduce if markets deteriorate,” Ms Johannsson says.
“It’s best to avoid basing decisions that will have long-term implications on their organisation on temporary economic conditions.”
Meanwhile, the push for hybrid or remote working benefits continues in US workplaces, with half of the workers saying they would be willing to take a pay cut if they could work from anywhere, according to a survey by FlexJobs, a US-based subscription service for employees seeking flexible and remote jobs.
FlexJobs polled more than 4,200 employees in the US between February 6 and February 19 for its survey.
About 26 per cent of people surveyed said they would accept a 5 per cent pay cut and 25 per cent stated they would accept a salary decrease of either 10 per cent or 15 per cent, the survey found.
“Among generations, millennials showed the highest willingness to exchange key job factors, such as salary, chances for professional development and increased working hours, for a remote job without location restrictions,” FlexJobs said on Tuesday.
“Less than one third [31 per cent] of millennials said they wouldn’t give up anything for a work-from-anywhere job, compared to 41 per cent of Gen X and half [50 per cent] of boomers.”
The findings echo a separate survey by US recruitment specialist Onward Search, which found that 90 per cent of respondents to its Hiring Trends 2024 report would leave on-site jobs for remote opportunities.
What is the salary and employment outlook for jobseekers in the US in 2024? Read on to find out – and don’t forget to look at our detailed salary guides below for a snapshot of your industry.
Will salaries increase in 2024?
Yes, employees can expect an average salary rise of about 4 per cent in 2024 – slightly above the current inflation rate.
However, wage increases are likely to be more measured compared with recent years, according to recruitment specialist Robert Half.
“For some professionals, that might be a reason to look for other opportunities,” the company says in its 2024 Salary Guide.
“This is not lost on hiring managers, many of whom continue to increase compensation to retain key staff and better compete for top talent in a tight hiring market.”
Salary transparency is also becoming more important for jobseekers in 2024, with 42 per cent of workers expecting to see a salary range in a job posting and 57 per cent saying they would withdraw their application if an employer does not provide it upon request, the Robert Half research found.
Since the start of the year, eight US states and several cities have introduced pay disclosure laws that require salary ranges to be included in job advertisements, according to the Onward Search report.
“This year, US pay transparency laws and company policies are expected to multiply and hiring managers are increasingly disclosing pay upfront on their own accord,” Onward Search says.
Which sectors can expect the highest salary increases in 2024?
A salary rise is not always guaranteed and is dependent on several factors, including an employee’s ability to negotiate a higher wage, the sector they are working in, performance reviews, a company’s bottom line and whether or not their role is in demand.
According to research by Resume Genius, a US-based online resume builder, employees in the manufacturing, IT, legal, sales and healthcare sectors could see the biggest wage increases in 2024.
Some of the most in-demand jobs include lawyers and judicial law clerks, software and web developers, financial analysts and advisers, fitness workers, sales representatives, healthcare support occupations and designers, among others, Resume Genius says.
Despite the rise of artificial intelligence and the effect of the 2023 tech layoffs, there continues to be strong market demand for software and web development professionals, which is driving wage growth, it adds.
“The demand for software engineers and developers is projected to increase by 25 per cent over the next decade,” Resume Genius says.
Watch: UAE issues remote work visas
Meanwhile, more than 50 per cent of companies are planning to invest in artificial intelligence in 2024, which could result in 97 million new jobs by 2025, according to Onward Search.
New AI roles have already emerged, such as chief AI officers and AI prompt engineers, it adds.
“Emerging technologies have already advanced at an unprecedented rate in recent months and specialists predict that 2024 will bring more technological advancements than many creatives, marketers and even tech experts could imagine,” Onward Search says in its trends report.
What benefits can US jobseekers expect in 2024?
Employers are trying to strike a healthy balance within their total rewards packages and are focusing on non-monetary benefits to retain talent, according to WTW research.
This includes more workplace flexibility (63 per cent), a broader emphasis on diversity, equity and inclusion (60 per cent) and efforts to improve the employee experience (55 per cent), WTW says.
However, employees want benefits such as health insurance, retirement savings plans, paid time off, paid parental leave, remote work options and flexible work schedules to also be included in their remuneration packages, Robert Half says in its salary guide.
“Highly skilled professionals expect not just a base salary that’s in line with what other firms are offering but also a choice of benefits and perks that are equally competitive,” it says.
In 2023, year-end bonuses were down between 3.8 per cent and 36.2 per cent relative to 2022
Gusto
Will employees receive a bonus in 2024?
That remains to be seen, but if last year’s bonuses are anything to go by, then it might be a disappointing year for employees.
While year-end bonuses are an important retention tool and improve employee morale, a report by payroll company Gusto found that bonuses have fallen over the past two years, driven by a “stabilising labour market and squeeze on employers from inflation”.
“In 2023, year-end bonuses were down between 3.8 per cent and 36.2 per cent relative to 2022, and down between 12.3 per cent and 36.7 per cent relative to 2021,” it said in the report, which was published in January.
According to Gusto data, bonuses paid in December by companies registered on its platform averaged $2,145, a 21 per cent drop from the $2,730 average in December 2022.
US salary guide 2024
Check out our detailed salary guides below for a snapshot of how much you can expect to be paid in your sector this year.
Finance and accounting
Technology
Marketing and creative
Administration and customer support
Legal
Health care
Human resources
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
