Up for a raise this year?
If so, brace yourself … for a 2.9% bump in your salary!
Yes, we know that doesn’t sound that high, but it’s actually quite impressive.
Fortune reports that the average salary budget in the United States has increased slightly from 2.2% in 2009, when the country was in the throes of recession—and it’s expected to inch up to 3.1% in 2014. According to a salary survey by human resources trade association WorldatWork, this budget increase could potentially mean bigger raises for the country’s workers.
And, when it comes to salary increases, Americans appear to have an advantage over workers in other countries. In India, for example, the average raise is a whopping 10.5%—but when the 10% inflation rate is factored in, it’s a less sweet deal. Meanwhile, the U.S. inflation rate was only 1.8% in June, so a 2.9% raise here adds up to more purchasing power than a double-digit spike would elsewhere.
But no matter what the average raise, it’s up to you to make sure you get the raise you’re owed. Unsure where to start? Check out our advice on setting your salary expectations and read readers’ tips for scoring a pay increase.