24 Feb 2016 Salary Budget Trends: Slight Increase Projected
WorldatWork is again projecting a 3.1 percent average increase (median 3.0 percent) in salary budgets for 2016 similar to their 2015 projection. Similarly, the Society for Human Resource Management (SHRM) recently reported that Hay Group, along with additional researchers, have also predicted the a moderate 3.0 percent median increase for 2016, which mirrors actual salary increases for the last five years. Regionally, predictions show budgets growing between 2.5 percent and 3.4 percent across all major industries. WorldatWork reiterated, until the demand for qualified labor meets the supply of qualified job seekers, upward pressure on wages will continue to be relatively low.