Employees across the country can expect to see an average increase of 3% in base salaries in the coming year, and some experts are advising employers to remember that if budgets are tight, there are other means to keep employees happy.
When financial rewards are limited, its more important than ever for organizations to remember that money isn't the only thing that matters to employees, said Mark Royal, senior principal within Hay Group Insight, the employee research division of the global management consulting firm.
Other experts agree that as the economy improves, employees are more apt to relocate to other employers offering better compensatory benefits, making added voluntary benefits all that much more important.
Sectors with increases that vary from the general industry outlook have tended to also show varied historical and future business performance outlooks, says Jeff Blair, Hay Groups U.S. productized services leader. In most industries, however, we see significant employee flight risks given the improving economy and more employment opportunities for skilled workers.
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According to recently released research from Hay Group, U.S. employees can expect a median base salary increase of 3% in 2015 with the oil & gas industries reportedly coming out on top of the salary gains while the health care industry is expected to round out the bottom of the list.
For health care professionals, clinical staff, nurses, physicians and high performers are all slated for a 2% structured salary bump, research says, with middle management and supervisory positions getting a planned 2.5% increase. 2014 actual increases ranged from 2.1% for supervisory positions to the highest, 3% for nurses.
Planned salary structures in the oil and gas industries range from 3% to 3.6% Supervisory professionals take the lions share in both actual 2014 and planned 2015 numbers at 3.7% and 2.6%, respectively.
