Okay, we got excited when we first heard this news and then had to pause. Shouldn’t pay raise increases surpass the inflation rate anyway? I suppose it’s all good but we needed to take a step back for a reality check. Yes, it should be an assumption but given the recession, it’s certainly a sign we’re getting back on track.
As per a survey conducted by WorldatWork (via Fortune), a human resources trade organization, the average salary increase this calendar year is 2.9 percent. The increase represents about 25 percent above the average 2.2 percent pay increase in 2009. Four years ago that number represented a rock bottom low since 1973, the first year WorldatWork launched their annual survey.
Furthermore, by viewing our salaries with a global perspective it turns out we’re doing okay in this category as well. Apparently salary budgets are decreasing in every country included in the survey except ours.
Next year’s projected salary budget? It’s supposed to reach 3.1 percent on average so some workers may expect more, others may expect less. Keep in mind this is in comparison to other countries like Spain and Japan which anticipate an increase of 2.5 percent.