Retain Employees with Wage Increases in 2015

Retain Employees with Wage Increases in 2015

According to CareerBuilder, 30% of employed workers are actively seeking new positions.
That’s one-third of your workforce!
Many of those checking Craigslist on their break worry that their pay fell behind during the Great Recession and feel that finding a new job is the way to get their pay back up where it should be. Time for you to take a look at giving your employees raises.

Do you need some benchmark data to stay on track?

  • Studies show that average raises in 2013 and 2014 were 2.9%.
  • What does it look like in 2015? According to a survey performed by Duke’s Fuqua School of Business, released by CFO Magazine, 70% of companies in the U.S. will raise wages by 3%.
  • With the Consumer Price Index expected to rise 2.1% in 2015, this will keep our employees slightly above the rate of inflation.

A recent report from the Economic Policy Institute, a Washington, D.C. think tank, showed that wages in the last couple decades have been pretty much been stagnate. That’s bad news for workers.

But the good news for employers is that you can retain your star performers by

  • Beating the average wage increases.
  • Knowing that paying for good performance will retain your A Players.
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