Insights From Catapult's 2024 Compensation Planning & Budgeting Survey
Catapult Employers Association
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To help members plan for 2025, Catapult’s 2024 Compensation Planning & Budgeting Survey offers comprehensive data that goes beyond salary ranges. This year’s survey features job-specific wage data from around 1200 organizations across the Southeast broken down by industry, state, and total compensation (including bonuses and incentives). Our Payscale Peer tool enables members to access real-time salary comparisons, helping them make informed decisions about salary structures and market adjustments.
September Thinking Differently
Market Forces: Understanding the Why Behind Compensation Adjustments
One of the focal points of the session was understanding the market forces driving compensation changes. Jackie Esposito, MS, PHR , our Compensation Advisor & Business Partner, highlighted several key factors impacting employers:
Employers must stay ahead of market trends and adjust compensation strategies to remain competitive and retain top talent.
The Importance of Pay Equity & Wage Compression
Another topic of discussion was wage compression – the narrowing of pay differences between employees. Jackie emphasized that many employers unintentionally face wage compression due to hiring new employees at higher salaries to meet market demand while neglecting to adjust the pay of long-standing employees. This can lead to internal dissatisfaction and turnover. Employers must focus on ensuring pay equity across the board, considering factors like seniority, performance, and education.
Employer Pulse
Around 64% of reporting organizations pay their employees at the midpoint or market rate of the position.
Around 80% of organizations are doing performance-based merit increases.
Projected 2024 Salary Increases
One of the most anticipated sections of the webinar was the discussion on projected salary increases for 2025. Here’s a snapshot:
These projections are in line with national trends, with top compensation providers.
Looking Ahead: Strategic Adjustments for 2025
In closing, Jackie reminded attendees that compensation planning is an ongoing process. Employers should regularly review their salary structures to ensure they remain aligned with market data and employee expectations. Performance-based merit increases, regular market analysis, and transparent pay philosophies are all key components of a successful compensation strategy.
Additional Resources
The Power of Membership: Resources for Every Stage
At Catapult, we aim to empower our members with resources that make a tangible impact. During the session, Tom Sheehan MBA, SPHR reminded participants of the value Catapult provides, including 24/7 HR advisors, employment law advice, and access to our new member community, The Hub , which offers access to Catapult surveys and tools like Zywave , the HR Toolbox, and Payscale Peer. These resources allow members to benchmark salary data, ensuring their organizations remain competitive.
As you are thinking about the end of the year, check out the tools in our Compensation Toolkit today! Don't see something you are looking for? Email Jackie Esposito, MS, PHR at [email protected] .
Payscale Peer
Payscale Peer is a custom, dynamic, and modern compensation tool and survey platform for Catapult available for members. Included in Premium membership!
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About Catapult
Catapult Employers Association provides comprehensive HR solutions to help employers navigate operational challenges effectively. Our membership plans offer a wealth of benefits, including 24/7 HR advice, employment law support, and access to exclusive networking events and resources.