Feeling like it’s high time you finally got that raise?
You might be in luck. According to a new report, the average American worker can expect a 3% pay hike in 2015.
The survey, conducted by consulting firm Hay Group, polled HR reps at roughly 400 large U.S. companies. But while the median base salary increase for next year looks to be around 3%, certain industries will see different highs and lows. Hospital workers, for example, are expected to pull just 2% more, while workers in the oil and gas industry will reap a 4% boost.
Why are pay hikes suddenly back on the table for many large businesses?
With available job openings up 20% and the unemployment rate back down to just 6.1%, human resource managers are likely anxious to keep current employees happy. And for those companies unable to nudge salaries significantly, they’re trying to make due with non-financial benefits, like training and development or other unique perks.
So what’s the hitch? While an average salary boost of 3% would certainly be welcomed by many employees, that raise translates to just 0.9% when taking inflation into account.
If you think you’re due for a more substantial hike, learn the right way to ask your boss for a raise—and get what you want.