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11/10/2016
US organisations have set an average budget of 3.1% for pay rises in 2016, up from 2.9% and 3% in 2014 and 2015 respectively, according to the latest annual survey of salary budgets from total rewards association WorldatWork. Last year’s survey predicted average pay rises of 3.1% for 2015, but the outturn fell short. This large-scale survey is based on 5,583 responses from 19 countries representing nearly 15 million employees. WorldatWork collected the survey data in April 2015. Survey respondents are WorldatWork members employed in the HR, compensation and benefits departments of mostly large US companies.
Alison Avalos, senior manager of research for WorldatWork, said:
'The competition for talent hasn’t heated up – employers are able to retain the talent they need with current practices. The thawing of prevalent pay freezes in 2009 have helped overall averages recover to the 3% mark, but this may be the “new normal” until additional pressure on wages comes from somewhere else.’