More Than Half of US Firms Plan to Raise Wages in Q4

Released on September 23, 2020 (re-posted from MRINetwork, Pulse)

Just more than half, 52%, of US hiring decision-makers expect wages to increase in the fourth quarter compared to 2019, according to survey results released by Express Employment Professionals.

In comparison to pre-pandemic levels, Express cited a separate survey by PayScale that took place between November 2019 and January. It found that 85% planned to give base-pay increases.

In Express’ survey, 53% of respondents who are giving pay increases plan to base them on performance, 51% plan to base them on standard cost of living and 36% say the increases will be based on market rates.

The company noted demand for labor, particularly in manufacturing, is driving pay rate increases and retention bonuses particularly in manufacturing.

Looking at benefits, the survey found that 33% of US hiring decision-makers expect their companies’ benefits to increase, 53% expect benefits to hold consistent and 10% expect benefits to decrease.

“Even when money is tight, employees need to know their efforts are appreciated,” Express CEO Bill Stoller said. “In this unique time, being flexible with schedules and offering other nontraditional benefits in addition to a healthy company culture goes a long way.”

The Express survey included 1,005 US hiring decision-makers.

Original author: Staffing Industry Analysts (SIA) | Daily News


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