U.S. workers can expect a median base salary increase of 3 percent in 2015 across all main employee categories and most industries, still below pre-recession levels, according to separate research findings by pay consultancy Hay Group and WorldatWork, an association of total rewards professionals.
The limited growth indicates no major change in the degree of upward pressure on wages—for now.
The limited growth in salary budgets indicates that there has been no major change in the degree of upward pressure on wages, given the tepid post-recession economic recovery. As reported in the Wall Street Journal, the monthly hiring rate fell from 5.5 million in 2006 to as low as 3.6 million in 2009, according to the Labor Department. It had only partially rebounded to 4.7 million in May 2014, the latest figure available.
Should economic growth speed up, expectations for higher wage increases may rise as well.