Survey: Wages Expected to Rise 3% in 2012

Despite ongoing economic uncertainty, companies are betting on their best workers, according to a recent compensation survey by human resources consulting firm Mercer.

After years of stagnant wages  97% of the 1,200 U.S. employers polled by the consulting firm said they plan to increase salaries in 2012. The average increase in base pay is expected to be 3% in 2012, up slightly from 2.9% in 2011 and from 2.7% in 2010, Mercer said.

Half of the businesses that plan to hike pay said they plan to do so in order to retain top talent.  The top-performing employees — 8% of the workforce — will see their salaries increase an average of 4.8% next year, the survey said, compared to average workers who will see their salaries rise 3.1%. The weakest performers will be lucky to see any increase.

With many employees doing the work of two, or even three, people, employers are using compensation as a way to convince top talent to stay put, said Catherine Hartmann, a principal at Mercer.  Although available jobs remain scarce, “if you are a top performer in a critical role, you are still valuable in the marketplace,” Hartmann said. “But it’s a select group of folks.”  For those few, “this is good news,” she said.

A 3% raise works out to be about $41 more per paycheck after taxes for a full-time worker who earns the median annual income of $50,500 and is paid biweekly.

Source: CNN Money

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About Arthur De Gennaro

My friends call me Art. Welcome to my blog. In this space you’ll find information and comments on the ophthalmology world, the optical industry, the hearing industry and medical practice management. My intent is to provide information you can use to improve your business and your own performance. Please visit often and feel free to join the discussions by leaving comments.

You can learn more about me and my consulting company, Arthur De Gennaro & Associates, LLC by visiting my web site www.adegennaro.com

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July 2011

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