Here's how big your raise is likely to be next year

By Aoibhinn Mc Bride

Are you due a salary review in January? The good news is that salaries in the U.S. are expected to increase, thanks to reduced inflation which has eased the cost of living and helped stabilize the job market.

That's according to PayScale which has estimated a figure of 3.8% as part of its annual Salary Budget Survey.

But is this bump enough to effectively compensate employees who are still feeling the pinch of inflation which continues to hover above the Federal Reserve's objective of 2%?

According to the U.S. Bureau of Labor Statistics' Consumer Price Index calculator, $100 in January 2020 equates to $182.27 as of October 2023, highlighting how spending power is still stunted compared to pre-pandemic times.

And while a slowing of growth is being predicted for the first half of 2024, that doesn't mean workers need to sit back and accept whatever their current employer is prepared to offer for fear of losing their job either.

Pay transparency laws
For those living in states where pay transparency laws have come into effect—currently Colorado, New York, Connecticut, Rhode Island, Maryland, California, Nevada and Washington have pay transparency laws and 15 more are considering a change in legislation—it is possible to benchmark your current salary and see if there are better paying positions out there.

Additionally, growing your professional network is another way to safeguard your career progression and elevate your chances of being recommended for a job with a competitor who is prepared to pay you more than you're currently earning.

In fact, it's estimated that moving jobs is a guaranteed way to increase your earning power, and if you do find yourself looking for your next opportunity, the Financial Planning Job Board is the ideal place to focus your search. It features thousands of openings in companies that are actively hiring, including the three below.

Principal Financial Analyst – OCI Finance, Oracle, Seattle
The Oracle Cloud Infrastructure (OCI) finance team is part of the Global Business Finance organization and serves as a critical business partner to the worldwide OCI business. A rare opportunity to join as Principal Financial Analyst has arisen whereby the new hire will partner with product and sales and finance leaders, and their teams, on a wide range of responsibilities focused on deal decisions, pricing and discounting, driving customer insights and bookings, and consumption growth. You will provide high-quality and timely business insights to influence executive level decision making and develop frameworks to run the day-to-day business and everything in between. The ideal candidate will be able to structure and drive advanced analytics, effectively communicate it and possess an understanding of cloud infrastructure business. Interested? View additional details here.

Senior Financial Analyst, DMe Finance, Adobe, San Jose
Changing the world through digital experiences is what Adobe's all about. The company is on a mission to hire the very best and is currently recruiting a Senior Financial Analyst to provide financial and business partner support primarily for Adobe Express along with supporting responsibilities for the Education pillar of Adobe. This position will provide cross-functional engagement that will enable and influence key decision-making. As such, you will partner closely with Finance Systems, Analytics, Product, Engineering, IT and Finance counterparts to continually improve and enhance reporting and forecasting capabilities and processes, actively address Adobe's risk and opportunities while working with key business leaders to identify appropriate metrics/KPIs to measure and evaluate business performance and own weekly, mid-quarter and quarter-end financial reporting. If this sounds like you, check out the full job description now.

Finance - Global Fund Finance - Asset Based Finance - Vice President, Blackstone Group, NJ
Blackstone is the world's largest alternative asset manager and seeks to create a positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. As a Vice President within the Global Fund Finance group, you will oversee the monthly/quarterly portfolio reconciliation process for Blackstone's separately managed accounts, investigate and resolve discrepancies with internal teams, approve recurring investor capital calls, as well as the calculation and payment of management fees and manage the audited financial statement process. If you'd like to know more about this opportunity, get more information here.

Find your next role in finance today via the Financial Planning Job Board