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2014 wage increase predictions 2 14-14

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2014 wage increase predictions 2-14-14

2014 wage increase predictions 2-14-14

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  • Sources:
    Hay Group, posted January 2014: Forecasted 2014 US base salary increases remain stable, while employees see net gains, new Hay Group research finds
    SHRM, posted November 2013: Pay Trends for 2014: Salary Increases Hold Steady 
    Kiplinger, posted February 2014: Look for Another Modest Pay Raise in 2014
    USA Today, posted February 2014: Falling unemployment rates promise to shift wage leverage from employers to workers.
  • Transcript

    • 1. Wage trends and predictions for 2014 Most analysts are predicting modest wage increases for 2014 • • • US employees can expect median base salary increases of 3.0% in 2014, according to several industry studies including Hay Group and Society for Human Resource Management (SHRM). The 3.0% median base salary increase holds fairly steady across most industries, including chemical, consumer products, financial services, health insurance, hospitals, industrials and utilities, with the exception of the oil and gas sector which can expect median pay increases of 4.0% in 2014. Projected increases for starting salaries are also on the rise in 2014, especially for workers with scarce or specialized skills. Wage increases aren’t necessarily equal • • More and more companies are tying wage increases to performance rankings, giving top rated employees higher increases than their lesser rated peers. Talent retention remains a top human resource priority. In most industries, studies point to significant employee flight risks given the improving economy and more employment opportunities for skilled workers. Geography can also impact differences in wage increases. National unemployment continues to fall, down to 6.6% in January. But many metro areas around the country have considerably lower unemployment rates and have reached “full employment” at about 5.5% shifting salary leverage to workers. For example, a Federal Reserve survey this month reported "moderate" wage pressures in Minneapolis, where unemployment is now 4%. In Dallas, where unemployment is 5.6%, reports of pay increases and wage pressures have increased. Sources: Assorted articles and survey’s from Hay Group, SHRM, Kiplinger's, USA Today.