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Hoping for a pay raise? You may
have a better shot this year, according to a recent survey. WorldatWork, a
nonprofit compensation-research firm, reported about 92% of employees can expect
a larger paycheck, up from 87% in 2004, continuing the uptrend of the past few
years. But keep in mind that companies' salary coffers have only grown 3.7% in
2005, according to the survey of 2,483 large companies. In 2003 and 2004, those
same budgets improved by 3.5%, an all-time low.
WHAT TO DO: With U.S.
salaries on the rise, see where wages are the
fastest growing. Before you ask for a raise, see some tips on how to
build up your case to the boss. Consider
negotiating strategies, and other salary advice in this
article. Research
pay data
to see how much you may be worth. But since comparing compensation offers is
becoming
increasingly difficult, learn how to break down the numbers. If you are just
joining the work force,
review some negotiation strategies.
Pay Figures
Overall, total salary budgets among large companies are expected to rise
about 3.7% this year. Salary-increase data for major industry groups, in
percent.
|
Sector |
Actual 1999 |
Actual 2005 |
Projected 2006 |
|
Finance |
4.5% |
3.8% |
3.8% |
|
Manufacturing |
4.3 |
3.6 |
3.8 |
|
Public Administration |
4.5 |
3.8 |
4.0 |
|
Retail |
4.3 |
3.6 |
3.6 |
|
Service |
4.6 |
3.5 |
3.6 |
|
Transportation/Utility |
4.0 |
3.6 |
3.7 |
|
Wholesale |
4.4 |
3.8 |
3.9 |
Note: Exempt employees only
Source: WorldatWork Salary Budget Survey
