Employers are expected to stick with meager pay raises next year [Los Angeles Times (CA)]
Willis Towers Watson Public Limited Company - Ordinary Shares (WLTW)
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Source: Los Angeles Times
Employers are expected to stick with meager pay raises next year Despite a corporate tax cut, record low unemployment and an accelerating economy, employers aren’t planning big increases to their salary budgets for next year, a new survey from Willis Towers Watson found. In a survey of 814 organizations, the consulting firm found that, on average, employers plan on giving 3.1% pay raises in 2019. That’s an increase of about 0.1% from previous years. Before the recession, employers gave out 3.8% increases; since then, despite the improving economy, raises have hovered around 3%. “Since 2008 we have been waiting” for employers to meaningfully raise wages, said Sandra McLellan, the North America rewards practice leader at Willis Towers Watson. This year will not be that year. “It’s not a radical change, it’s a slight uptick,” she said. The economic recovery has yet to fatten workers’ wallets. Unemployment continues to fall, and demand for labor is increasing, but employers are still not
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