We read all day about the financial guys getting rich through bonuses and salary increases. Even in this lousy economy, more than a few are making a million bucks or more. From the sound of it all, it’s like Fat City in some parts of the world. That is, if your world is Wall Street.
As for most American workers, salary increases are at records lows. According to an article in HR Hub, expected across the board salary increases should be about 3.0%. The study was conducted by the Hay Group. Considering the cost of living will go up by at least 1.3%, net gain will be a whopping 1.7%. That should be just about enough to pay for gas hikes and healthcare increases.
I suppose salary increases are better than cutbacks and employment layoffs. With this economy starting to look like it is hitting bottom if not turning around, employers will be challenged with ramping up its workforce. There are expenses to go with that, including pre-employment background checks, possible expenses for office furniture, no technology and the raw and finished materials necessary to ramp up production. So while this across the board estimate of salary increases applies to executives, middle managers, and clerks alike, I would think good news can be salvaged from paltry pay hikes. It beats being out of work or having one’s hours cut back.
So, as the saying goes, thank God for small things. Especially salary increases.
Check them out before you hire.
