Philadelphia — July 17
U.S. employees can expect median base salary increases of 3 percent in 2013, according to new research released by Hay Group, a global management consulting firm. These increases are consistent with forecasted base salary increases reported for the last two years.
After factoring in annualized consumer price index growth at 2.2 percent, the resulting pay movement for 2013 is a net gain of 0.8 percent, according to the survey, after employees saw an estimated 0.6 percent net loss in 2012.
“With the economy continuing to grow slowly, it is not surprising that salary increases have followed suit,” said Jeff Blair, Hay Group’s U.S. productized services leader. “Relatively low annual salary increase budgets are limiting the financial rewards available to employers. As a result, organizations are increasingly focused on improving employee engagement and creating a positive work climate for employees.”
According to Hay Group’s research, median 3 percent pay increases are being reported for executives, middle management, supervisory and clerical positions. The 3 percent increase holds fairly steady across most industries, except the oil and gas and luxury retail sectors, which report 3.3 percent and 3.5 percent median increases, respectively.
Source: Hay Group