Your Pay Is Probably Going Down Next Year
Say goodbye to the fat bonuses of yesteryear.
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Despite the improving economy, companies have stubbornly withheld salary increases over the past few years, opting to fatten the bonus pool instead. Now, they’re taking those bonuses away, according to a new survey.
Instead, employers are ever-so-slightly increasing salaries, but not enough to make up for the loss. Companies allocated 3 percent of their budgets to salary increases—a high since the recession—and they plan on allocating 3.1 percent of their budget for raises next year. (This finding falls in line with another major survey by Willis Towers Watson from this year.)