Hoping for a raise? You may be in luck
The Palmer Group’s annual salary survey is out, and it shows Central Iowa employers plan to bump up salaries as they try to hire and retain talent in a tight workforce climate.
In fact, 10.3 percent say they expect to increase salaries by more than 5 percent. That share is up from 9.1 percent this year and triple the percentage in 2013.
The biggest segment of employers, 57.3 percent, up from 55.6 percent this year, predicted raises in the 3 to 4 percent range. Another 26.4 percent expect to increase salaries by 1 to 2 percent, up from 25.7 percent.
Not surprisingly, that means a smaller percentage, 6 percent, expect to give no raises next year. That’s down from 9.6 percent this year.
David Leto, Palmer’s executive vice president, wrote in the guide that employers plan to “reward top performers at a much higher level of salary increase than they may have provided in years past.”
In the past five years, the most prevalent response has shown companies looking at 3 to 4 percent pay increases.
The Business Record will take a broader look at the prospects for hiring, raises and changes in benefits in a cover story in this week’s issue.
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