Survey: Workers at large firms can expect 3% raises in 2015

Survey: Workers at large firms can expect 3% raises in 2015

Survey: Workers at large firms can expect 3% raises in 2015

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by Paul Davidson, USA TODAY

KING5.com

Posted on July 10, 2014 at 8:00 AM

U.S. workers at large companies can expect median base salary increases of 3% next year, in line with the past four years, according to a survey by consulting firm Hay Group .

After figuring inflation, however, the median pay increases will be 0.9%, down from the 1.6% rise forecast for this year.

Some sectors, however, will see stronger raises according to Hay Group. Oil and gas industry employees can expect 4% pay hikes. Hospital workers, though, should receive a 2% bump.

The consulting firm surveyed human resources managers at about 400 companies with at least $500 million in revenue.

Average wages across the economy — including small, midsize and large businesses — have been increasing about 2% a year, Labor Department figures show. Economists expect wage increases to accelerate later this year as the 6.1% unemployment rate continues to fall.

The companies surveyed by Hay cite growing risks that employees will leave as the economy improves and are focusing on non-financial rewards, such as training and development, to encourage them to stay.

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