Average Pay Raise Forecast Revealed for Louisiana Workers in 2024

If you have a job in Louisiana in 2024 I have some (potential) good news for you. You are going to be getting a pay raise in 2024. I know that's exciting news to hear just as you are spending money you don't have to afford a Christmas your family deserves, right?

Such is the plight of the workers in Louisiana. We get up every morning put on our big boy and big girl pants and we head to work. Which is pretty tough to do here in The Boot. A study published this past June by the labor-management platform TimeForge claimed Louisiana had the third-highest resignation rate in the country.

The results of that study seemed to suggest that when it comes to work people in Louisiana didn't like their jobs. One of the major factors in dissatisfaction with a job had to do with the work environment itself. The other major sticking point for Louisiana workers was, you guessed it, money.

We can't do anything about the working conditions, the co-workers, or the grassroots management issues that you might be having. But we can at least report to you that it appears you'll be getting compensated a little bit more to put up with all those negative aspects of your current employment situation.

How Much of a Raise Are Louisiana Employees Likely To Get in 2024?

The global financial firm WTW recently issued the results of a survey that was done earlier this month. The survey of some 1,800 companies in the United States asked what each company had in the works for employee increases, benefits, and retention plans.

The survey offered some good news and some not-so-good news for employees. As far as actual pay increases for 2024. The companies that were surveyed revealed plans for an average increase of 4.0% for their employees. That projection is down from 2023's actual increase of 4.4% but was above the 3.1% projection from the previous year.

What Does That Projected Raise Translate to in Real Money?

If you're making $60,000 annually you can expect an extra $2,400 in your pay envelope should you be given an increase of 4%. No, that doesn't account for taxes, deductions, or any other things that get removed from your pay envelope before it gets to you.

Raises Aren't The Only Way Employers Are Working to Retain Key Employees

Most of the companies that responded to the WTW survey did say that pay increases were only part of the incentives they would be offering to their workforce. More than 63% of those businesses surveyed said they plan to offer employees more flexibility in their jobs. This could mean more work-from-home situations or flexible hours.

Many of those same employers said they would be offering entry-level employees a higher starting pay as well. While this won't sit well with the folks who have been toiling for years, it will at least allow companies to bring in new blood.

Another incentive that employers will be offering in the new year is more options on company benefits too. This could mean changes in insurance coverage or offerings of child care and pet insurance in some cases. About 10% of employers plan to offer those incentives while only 11% of employers surveyed felt that they would be making changes in base pay only.