WorldatWork, an association of compensation and benefits professionals, has announced that salary increase budgets increased slightly to an average of 2.9% for organizations across the country in 2013, up .1% from 2012.
The association has projected that average merit increase for 2014 will be 3.1%, with the biggest increase (3.9%) in the mining industry and the lowest (2.6%) in public administration.
According to WorldatWork, the average merit increase in Connecticut in 2013 was 2.9%, and they project an average increase of 3% for 2014.
The vast majority of the respondents (87%) surveyed by WorldatWork were organizations with more than 500 employees. This week, CBIA will conduct its own survey geared to small and medium sized companies. We hope you take the time to participate.