A raise of almost 3 percent in salaries will be taking place by next year.
CNN Money reports that consulting firm Mercer conducted a survey of more than 1,500 employers of mid-size and large U.S. companies and found out that along with the raise, promotions will also be taking place.
“Employers recognize that their greatest challenge is to retain their top performers to avoid post-recessionary flight,” said Jeanie Adkins, who is a partner in Mercer’s Rewards practice. “This means they have to reward them.”
Adkins said that employers are expected to promote about 6 percent of employers, which means an increase in their pay between 6 to 8 percent of their base pay.
The projected rise in salaries, though modest from last year (a 0.1 percent increase), is due to the still high unemployment rate in the U.S.