Despite workplace shortages and a tighter labor market, most workers will likely have to wait until next year before getting a raise, according to a new study by Compdata.
In a survey of more than 600 workers nationwide, the Olathe, Kan.-based research firm found that budgets for pay increases at most companies were unchanged from last year, averaging just 3.6 percent. On the upside, budgets are expected to rise to 3.62 percent by next year, the survey found.
Among all industries, technology companies had the highest average pay increase budget at 5.52 percent, while warehouse and distribution firms had the lowest at 3.43 percent.
Amy Kaminski, manager of marketing programs for Compdata Surveys, said pay increases have remained stagnant for the past five years, with budgets varying by just 0.13 percent.
"With predictions of a recession looming, companies should carefully consider how competitive their total compensation packages are," Kaminski said in a statement. "Employers are facing workforce shortages in many industries and should work to create a balanced compensation plan for their company to aid in retention of current employees."