Tags: pay | raise | 2013 | 3%

Surveys: Expect 3% Pay Hike for 2013 and Like It

Monday, 19 Nov 2012 07:57 AM

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Workers can expect a 3 percent raise in 2013, up slightly from a raise of 2.7 percent to 2.8 percent in 2012, NBC News reports, citing data from different surveys.

Immediately after the recession in 2008, pay raises averaged around 2 percent to 2.5 percent, according to a salary report from Bucks Consultants.

Be happy with 3 percent pay hikes going forward, as it’s the new normal, according to NBC News.

Editor's Note: Startling Proof of the End of America’s Middle Class. Details in the Video

“I don’t think anyone should expect merit increases to deviate that much going forward, even if the economy does well,” Ravin Jesuthasan, a compensation expert and managing director with management consultant Towers Watson.

High unemployment rates give management more room to dole out lower raises, though bonuses and other benefits will be healthy.

Promotions will be on the rise as well in 2013.

“We’re seeing a nice uptick in the percentage of people offered promotions, and also the size of the pay increase that people get for the promotion has gone up,” David Van De Voort, a Buck Consultants principal, told NBC News.

Meanwhile, more Americans are headed back to work these days, a Gallup poll finds.

Gallup’s U.S. Payroll to Population (P2P) employment rate hit 45.7 percent in October, up from 45.1 percent in September.

“The October growth in P2P employment in the U.S., coupled with the decline in unemployment, is a promising indicator that the jobs situation is improving, and more Americans are returning to work and are finding the good jobs they desire,” Gallup reported.

The labor market, however, still has room for improvement.

“While the number is up 4 points over its low point in 2011, there is still considerable room for growth. A large number of Americans continue to be underemployed, and many others may have left the work force altogether.”

Editor's Note: Startling Proof of the End of America’s Middle Class. Details in the Video

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