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What’s the 4-1-1 on Yearly Salary Increases?

Whats-the-4-1-1-On-Yearly-Salary-Increases_

What’s the 4-1-1 on Yearly Salary Increases?

What salary increase can employees expect in 2019? The average salary increase for 2019 will be about the same as the last two years, in the 3 percent range. According to Mercer’s “2018/2019 US Compensation Planning Survey,” salary increase budgets for 2018 were 2.8 percent – no change from 2017 – and projected to be only 2.9 percent for 2019.

This is despite noticeable factors like the tightening labor market and a high rate of workers voluntarily quitting their jobs.

What is the Pay Increase for Above Average Workers?

But the 3 percent standard pay increase is just a national average. For workers that perform above average or below average the range goes from 1 percent to 10 percent. For workers that outperform their peers, the range is typically 4-5 percent. Additionally, bonuses for salaried employees are projected to be 11.6 percent of pay, on average, with rewards for special projects or one-time achievements set at 5.6 percent, on average.

Performance and Feedback  Matters

According to Kiplinger in a recent article, “A lot of companies are making the process more about feedback than about performance rankings. That means there’s a real opportunity to sit down with a manager and make sure there’s a mutual understanding: What’s really expected of me, how will I be measured, and how will that impact my pay? “

Knowing that feedback matters, talk to your manager about your pay. If you are disappointed with your raise, ask you manager, “What can I do to improve my performance that will make me eligible for the highest pay increase?

Bonus – It All Adds Up!

Most employers budget ‘bonus or promotional’ dollars in a different bucket than salary costs. Bonuses are typically a percentage of an employee’s annual pay and are used to incentive and reward top-performing employees.

The promotional increases, according to Mercer’s 2016 survey average about 8 percent of pay, vary by job but consistently rose for all groups of employees. “For executives, promotional increases rose to 9.1 percent of base salary (compared to 8.4 percent last year) and for professionals rose to 7.7% (compared to 6.9 percent last year).”

Know Your Worth

Before deciding to move on because you believe you are not being paid fairly, do a little research.

These sites will give you an idea of what a person in your region, with your job, and with your job title might make:

  • payscale.com: Recommended site on which to research salary information.
  • glassdoor.com: Employees and former employees post salary information and rate companies.
  • about.salary.com: Informative site: pay scales tend to be high and reflect large urban regions.

Ready for a New Opportunity?

Whether you are switching industries, building your resume or searching for a strategic career move, the Jarvi Group takes the time to understand the goals, motivations, and aptitudes in each candidate. We find the right place for you to bring out your best self. Reach out to the Jarvi Group today!

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