"Diminishing Salary Prospects: Bleak Outlook for 2024 and Beyond"

American workers can expect smaller salary increases in 2024, with employers planning to increase salary budgets by about 4%, down from this year's average of 4.3%. However, with inflation projected to slow to 2.6% in 2024, workers could see a net gain of about 1.4% in purchasing power. The raises will vary by industry, with education and healthcare employees expecting a pay bump of 3.5% or less, while energy sector workers will enjoy raises of 4.5%. The tight labor market and pay transparency laws are factors contributing to the need for competitive wages. Experts advise employees to communicate their worth, make requests early, research industry averages, and consider internal job opportunities for potential pay increases. It is recommended not to delay asking for a raise until 2025, as economists predict slower wage growth in the coming years.