How big of a raise do people think they need to be happy? Nearly a 50% bump, according to a Wall Street Journal report based on recent survey findings.
The news outlet cited data from Empower, a financial-services company that surveyed 2,000 people, who had a median salary of $65,000 a year. Respondents said a median of $95,000 would make them more content and less stressed. Meanwhile, those who made a median of $250,000 gave a median response of $350,000.
In 2024, workers anticipating merit raises equal to their last may be disappointed as companies look to scale back after years of increases throughout the pandemic. In October, Bloomberg reported on a Mercer survey that found organizations are projecting 3.5% for merit increase budgets and 3.9% for total increase budgets next year, down from 3.8% and 4.1%, respectively, in 2023.