Unless you are a senior executive of a Fortune 500 company you
probably won’t be seeing a double digit raise this year. According to
the seventh annual Compensation Planning Survey by Buck Consultants,
workers who were among the highest-rated at their firm got average
raises of 4.3% in 2013, an increase of just 0.2% from a
year earlier. And according to a survey by Towers Watson, the highest
performers got an average salary bump of 4.6% in 2013, compared with 2.6% for average employees.
And employees shouldn’t expect their employers to make it rain anytime
soon: According to Towers Watson, employers are planning on doling out
average raises of just 2.9% for salaried, non-management employees —
virtually unchanged from last year. “With the job market remaining
relatively soft, most companies aren’t feeling pressure to raise
salaries by much more than the rate of inflation,” said Laura Sejen,
global practice leader for rewards at Towers Watson.
With inflation low and economic growth tepid, it is unlikely raises
will be much more than last year. So even if you are star performer at
work and your company is going well I would budget for a 2 to 5% raise
at best. Though, looking on the bright side, any raise is a considerable
improvement over the recessionary years from 2008 to 2010 when keeping
ones job was a challenge let along getting a pay raise.
Source: http://www.savingtoinvest.com/2014/06/will-i-get-a-raise-this-year-and-what-is-the-average-raise.html