<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - Unlimited vacation? Some companies are now offering it as a perk"/><p class="gnt_ar_b_p">Workers may have rejoiced over big pay raises in the past two years, but the downside is they’re losing <a target="_blank" href="http://www.usatoday.com/story/money/business/2022/10/06/microsoft-adobe-top-list-large-companies-best-benefits/8190520001/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">noncash company benefits</a>, according to job and recruiting site Glassdoor. </p><p class="gnt_ar_b_p">In 2023, the top three benefit cuts were in mobile phone discounts, charitable gift matching and tuition assistance, <a target="_blank" href="https://www.glassdoor.com/research/workplace-trends-2024" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">Glassdoor said</a>. Companies are looking for ways to cut costs to pay for huge wage hikes doled out to attract and retain workers and elevated inflation over the past few years. And with the <a target="_blank" href="http://www.usatoday.com/money/blueprint/investing/economic-outlook-2024/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">economy slowing</a> and <a target="_blank" href="http://www.usatoday.com/story/money/2023/11/06/worker-shortages-ease-some-industries/71444033007/" rel="noopener" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a">competition easing for workers</a>, companies are doubling down on trimming fat in 2024, Glassdoor said. </p><p class="gnt_ar_b_p">As companies pare back benefits, Americans will have to pick up the tab. </p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">“A lot of these smaller benefits add up to an important part of household budgets,” said Aaron Terrazas, Glassdoor chief economist. “It’s another weight on consumer spending going into next year.” </p><h2 class="gnt_ar_b_mt">Why are companies cutting benefits? </h2><p class="gnt_ar_b_p">Companies know employees would notice and bristle at smaller paychecks. So, they find other not-so-visible ways to cut costs. </p><p class="gnt_ar_b_p"><strong>Protect your assets:</strong> <a target="_blank" rel="noopener" data-t-l=":body nav (hys)|e|auto spike click:7|${u}" class="gnt_ar_b_a" href="https://www.usatoday.com/money/blueprint/banking/savings/best-high-yield-savings-accounts/">Best high-yield savings accounts of 2023</a></p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">"When people talk about compensation, they focus on pay and wages, which are still growing more than 4% a year,” Terrazas said. “But that doesn’t capture the full extent of the total compensation package including benefits, which has grown much more slowly.” </p><p class="gnt_ar_b_p">There’s a lot of talk of <a target="_blank" href="http://www.usatoday.com/story/money/2023/08/10/recession-or-soft-landing-2023/70555621007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">avoiding recession</a>, but risks to the economy remain and worry employers: <a target="_blank" href="http://www.usatoday.com/story/graphics/2023/11/14/nuclear-submarine-us-sent-to-middle-east/71486104007/" rel="noopener"></p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/personalfinance/2023/11/19/companies-cutting-benefits-for-higher-wages/71623743007/">Read more <span>➤</span></a> </div>
