U.S. Employees in Line for Slightly Larger Pay Raises in 2019, Willis Towers Watson Survey Finds
The 2018
The survey also found companies continue to reward their "star" performers with significantly larger pay raises than average performing employees. Employees receiving the highest possible rating were granted an average increase of 4.6% this year, 70% higher than the 2.7% increase granted to those receiving an average rating.
"After a decade of consistently flat pay raises, we are witnessing a slight uptick as companies are feeling pressure to boost salaries, given the low unemployment rate and the best job market in many years," said
Indeed, the survey found companies are projecting discretionary bonuses -- generally paid for special projects or one-time achievements -- will average 5.9% of salary for exempt employees, slightly larger than companies budgeted for this year. Slightly larger discretionary bonuses are planned for managers and salaried, nonexempt employees. Annual performance bonuses, which are generally tied to company and employee performance goals, are projected to hold steady or decline slightly in 2019 for most employee groups.
"A growing number of companies are coming to grips with the fact that employees are more willing to change companies to advance their careers and to talk openly about their pay. As a result, organizations are facing increased pressure entering next year to devise a focused strategy and plan on how to allocate their precious compensation dollars or risk losing some of their best talent," said McLellan.
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