A new Payscale study reveals a decline in employer plans to increase salaries amid economic uncertainty, with some firms cutting back on raises. Fewer companies are expected to provide significant pay increases, with an average raise projected at 3.5% this year, down from prior levels. Additionally, a shift back to in-office work is evident, leading many employees to leave their jobs due to rigid policies. However, the rise of pay transparency laws in various states may benefit workers and job seekers amidst these challenges.
"Between the precarious economy, increased employer power in the labor market, and a heated political climate, organizations have been grappling with increased tensions when it comes to compensation."
"For all of you clinging to your home office (or couch), more than 4 in 10 employers have mandated return-to-office policies this year."
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