As the economy begins to regain its footing, pay increase budgets increased only slightly for utilities. The newly released 2012 Compensation Data Utilities survey results indicate pay increase budgets rose to 2.8 percent, just above the expected 2.7 percent for 2012. An increase to 2.9 percent is expected in 2013.
“There appears to be a level of cautious optimism within the industry in regard to the economy,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation's leading pay and benefit survey data provider. “Employers are taking a conservative approach, and we’ll likely see these gradual increases continue over the next few years.”
Pay increase budgets vary slightly by industry, as electricity and gas utilities reported the highest pay increase budgets at 2.9 percent. Cable and telephone employers reported a 2.6 percent increase. Water and sewage utilities were the only category to expect a decrease in 2013, from 2.7 percent this year to 2.3 percent.
According to the results, pay increase budgets vary by region as well. Across the country, pay increase budgets range from 2.4 percent to 3.3 percent. Most areas expect a boost next year but the Midwest projects budgets will stay the same.
About the Survey
Compensation Data 2012 Utilities contains data on 115 industry specific job titles and 400 benchmark job titles ranging from entry-level to top executives. Data was collected from more than 1,200 utilities reporting on more than 195,000 employees across the country. More than 34,000 companies in other industries provided data on 400 benchmark titles. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of February 1, 2012.
Compdata Surveys is the nation's leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Michelle Willis at (800) 300-9570.