Palmer study predicts healthy raises here in 2016
BUSINESS RECORD STAFF Nov 2, 2015 | 5:12 pm
1 min read time
240 wordsAll Latest News, Education, Retail and BusinessPalmer Group’s annual study of its data from job ads and its work with clients shows that many Central Iowa workers could see raises of 3-4 percent on average, with some as high as 26 percent.
Palmer released its 2016 Salary Guide today. The study lists ranges for common occupations. The Business Record computed averages, then calculated how those averages are expected to change from this year through 2016.
In general, the company doesn’t expect wild spikes in salaries, but candidates for tech jobs will be able to demand more because of worker shortages. “The demand for talent in many sectors has grown beyond the supply in Central Iowa, which has caused a slight uptick in salaries,” David Leto, Palmer executive vice president, wrote in introductory comments in the front of the guide.
The data came from a database of information Palmer collected on 37,000 people who were employed or looking for work. The company also looked at listings for 1,900 jobs.
The majority of employers, 55.6 percent, expected to dole out raises of 3-4 percent, down from 62 percent this year. But the percentage giving raises of 5 percent or more is expected to grow to 9.1 percent from this year’s 4.1 percent.
Palmer reports that 9.6 percent of employers won’t give raises. That’s up from 8.3 percent this year.
Another 25.7 percent plan to give raises of 1-2 percent, little changed from this year’s 25.6 percent.
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