2014 SALARY BUDGETS

Employees can expect median salary increases of 3% in 2014 according to research by the Hay Group; consistent with forecasted increases of the past 3 years and in line with results of the “WorldatWork 2013-2014 Salary Budget Survey. In general, the forecasted median pay increases of 3% were consistent across the board for executives, middle management, supervisory, and clerical positions.

 

Caution should be exercised however, since we see a significant risk of flight given the improving economy and more employment opportunities for skilled workers. To keep valued employees from searching for greener pastures, organizations must address employee engagement challenges and focus on reward programs that have the most impact on retention; i.e., incentive programs and nonfinancial rewards such as career development, job re-design, work climate, and recognition programs.
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