Want more money? Americans can expect a 4% pay increase in 2024

By Kirstie McDermott
 
If one of your new year's resolutions is to earn more money this year, then you may be starting to put a plan in place to do just that, especially if you want to make sure that your salary will keep up with––or even exceed ––inflation.

Unsurprisingly, money is a big concern for many right now, with 60% of U.S. workers saying their incomes haven't kept pace with inflation over the past 12 months, according to a Bankrate study. Even among those who did get a pay raise, 53% said their incomes still haven't kept pace with inflation.

Salaries that haven't been adjusted in line with the increased cost of living are also to blame for workers' woes, but new data compiled by Korn Ferry indicates that salaries will increase by 4% in 2024.

This won't necessarily equate to more money in your pocket, as a recent study conducted by Republican members of the U.S. Senate Joint Economic Committee found that the typical household must spend an additional $11,434 annually to maintain the same standard of living.

But it is a start, and while it has long been accepted that in order to make more money, you really need to get a new job, those with longer tenure in their roles do often experience consistent annual pay bumps.

While some employers will offer workers a bigger raise this year, 4% is typically what you can expect if you stay in your current job through 2024. However, if you look elsewhere, you can expect to bank between 10-15% more money in your paycheck.

Of course, there are pros and cons to making a move: getting a new job represents a significant investment of your time and energy and it can be a stressful experience.

But it can also be worth it, according to the Atlanta Federal Reserve Bank's wage growth tracker. The tracker uses data from the U.S. Bureau of Labor Statistics, and shows that those who switch jobs have consistently out-earned those who've stayed at one employer since 2011.

The good news for workers is that just as they did during the pandemic's Great Resignation period, Americans with valuable skills are voting with their feet. If they're not happy, they'll go elsewhere and get a better deal––whether that's a salary bump, better benefits or remote working options.

If a job move is on the cards for you this year, then January is a great time to start your search. This is one of the busiest times in recruitment with fresh budgets fuelling thousands of new job opportunities.

If you'd like to discover what's out there, you can check out the Accounting Today Job Board. There, you'll discover exciting roles all across the country, like the three below.

Billing Specialist, CarepathRx, PA
CarepathRx transforms hospital pharmacy from a cost center into an active revenue generator through a powerful combination of technology, market-leading pharmacy services and wrap-around services. As a Billing Specialist you will understand third-party billing, ensure the timeliness and accuracy of billing, and meet quality assurance, benchmark standards, and maintain productivity levels as defined by management. You will need collections or medical billing experience with a basic understanding of ICD910, CPT4, HCPCS, and medical terminology is preferred. Excellent interpersonal, organizational, communication and effective problem-solving skills are necessary, as well as one to three years' of related prior work experience in a team-oriented environment. See all the details here.

Senior Accountant, AXA, Stamford, CT
Joining AXA Group Operations Finance, the successful Senior Accountant applicant will drive and monitor the Group Operations strategic plan, set budgets and efficiency targets, follow up and control actuals versus budget targets, while providing timely, accurate and adequate financial information to enable thorough decision-making and ensure compliance with local regulations. The new hire will also be responsible for coordinating and managing M&A projects. Here's how you can apply.

Staff Accountant, Wasserman, Chicago, IL
Wasserman is a global leader in sports, music, entertainment and culture. It represents many of the world's most iconic sports and entertainment figures, musical artists, brands and properties, empowering them to shape culture and captivate audiences worldwide. As a Staff Accountant, you will prepare daily and monthly client trust reconciliations, prepare and record journal entries in accordance with GAAP, assist with monthly, quarterly, and yearly reconciliations and track and reconcile 1042 withholding tax remittances. Additionally, you'll maintain incoming and outgoing cash logs, assist senior management with revenue recognition, assist in identifying and labeling funds when needed, support ad hoc projects and company initiatives as needed, and maintain the highest degree of financial confidentiality. A Bachelor's in accounting is required, as are advanced Microsoft Excel skills and a strong interest and/or experience in the music industry. See all application criteria.

Accelerate your job search today via the Accounting Today Job Board