Promotional Increases: While there was no growth in the number of employees receiving promotional increases, the size of the average promotional increase grew to 8.9%.The report captures base salary increases, merit budgets, salary structure adjustments (U.S.), promotional increases (U.S.) and variable pay plans (U.S.). “Increased investments to ensure fair and equitable pay practices, in tandem with exceptionally low unemployment and climbing minimum wage rates, are likely contributing to the upward trend in salary budgets,” said Alison Avalos, CCP, CBP, GRP, director of content at WorldatWork. When pay equity adjustments are not budgeted, 46% of respondents said company savings will be used for adjustments in 2020. The survey found that 42% of organizations plan to budget for pay equity adjustments in 2020, which is up from 37% in 2019. Pay equity is an increasingly significant issue for organizations and it’s affecting pay increases. The data covers nearly 14 million employees worldwide from 17 countries, in addition to the U.S. This was the main reveal from WorldatWork’s 46 th “ Salary Budget Survey,” which is based on 5,298 responses from WorldatWork members. After some stagnation 2017 (3%), salary budgets have increased by 0.1% each year since, a trend that is expected to continue in 2020. For the second year in a row, salary increase budgets in the United States grew slightly to a 3.2% average (median: 3%), meeting the previous year’s projections.
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