Many companies want to know how their compensation practices align with others in their industry. The 2017 projected pay increase data has been released and is outlined by industry below. View the image below and find out where your company stands in comparison.
Pay increase budgets are not yet showing significant movement. However, with employers facing challenges to keep up with staffing needs, we may see a shift in this trend in the coming years. Four factors will force employers to focus on competitive offerings to maintain successful recruiting and retention:
- Voluntary turnover rates are up, as consumer confidence is higher than it has been in a decade.
- Economists predict today's skill shortages will become increasingly prominent over the next five to ten years.
- Baby boomers are reaching retirement age and starting to leave the workforce.
- Millennials are changing jobs more than prior generations.
We're keeping an eye on salary structure adjustments. There are early indications that employers are not waiting as long to make pay range adjustments. This will eventually impact pay increase budgets as a whole.
Want to share this info? Share our full blog post using the buttons above or tweet this stat:
From @CompdataSurveys, employers report the 2017 average projected pay increase budget is 2.8% #hr #payincreases
About Compdata Surveys & Consulting
Since 1988, Compdata Surveys & Consulting has provided HR professionals with the compensation tools they need to stay competitive. With an extensive pay and benefits database and experienced compensation consultants, we are a full-service firm providing innovative solutions to complex compensation challenges. Thousands of organizations provide data in each of our 12 industry-specific surveys every year, ensuring the reliability of our results. For more information about the compensation and benefits surveys, contact Kristen Fanning at (800) 300-9570.