After a few years of hefty pay increases, American workers can expect solid but not spectacular raises in 2024.

On average, companies are planning for salary increases of 4% in 2024, according to a December survey of more than 1,800 employers by advisory firm Willis Towers Watson. That is down from the 4.4% raises that businesses handed out in 2023, yet significantly higher than the average 3% increases that marked prepandemic years.