Daily News, July 9, 2014
U.S. employees can expect a median base salary increase of 3.0% in 2015, according to research released by consulting firm Hay Group. After factoring in annualized consumer price index growth at 2.1%, the resulting base pay movement for 2015 is expected to be a net gain of 0.9%.
Hay Group’s study found that 3.0% median base salary increases hold steady across most industries, including chemical, consumer products, financial services, health insurance, industrials and utilities.
Two industries, however, stood out: The oil and gas industry forecasts higher base salary increases, and hospitals forecast lower increases. Oil and gas industry employees can expect a median base salary increase of 4.0% next year, while hospital employees can expect an increase of only 2.0% for most employee groups in 2015, according to the report.
“Sectors with increases that vary from the general industry outlook have tended to also show varied historical and future business performance outlooks,” said Jeff Blair, Hay Group’s U.S. productized services leader. “In most industries, however, we see significant employee flight risks given the improving economy and more employment opportunities for skilled workers. Employers will have to manage this risk, focusing on high potentials and employees with mission-critical skills and roles to ensure they don’t end up without the talent required to achieve future growth.”
Hay Group’s forecast results are based on the latest data provided by over 400 U.S. organizations from March through June 2014. This is Hay Group’s 35th year of conducting the survey.
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