Category: Phil’s Footnotes

Preliminary 2024 Salary Budget Increase Projections

August 24, 2023 By: Lauren E. B. Belcher Although WorldatWork’s anticipated annual salary budget survey has yet to be published at the time of this writing, we are beginning to see several preliminary predictions for salary budget increases, across many...

“Twenty-Year High”

For the first time in over two decades, the average salary budget increase percentages significantly increased in 2022 and are expected to remain at the twenty-year high in 2023. WorldatWork is projecting average salary budget increases at 4.1 percent overall...

Average Falling

For the first time in over ten years the average salary budget increase is projected to decrease. Congruent with the coronavirus pandemic, beginning in the United States in March 2020, unemployment rates saw a drastic rise, jumping over ten percent,...

2020 HR Trends and Economic View

Its finally here… the United States Department of Labor’s (DOL) new overtime rule is officially in effect. The DOL reported that this would cause over one million employees to become newly eligible for overtime.  Effective as of January 1st, this...

Salary Budget Stalemate

Unemployment at the end of August 2019 was reported by the United States Bureau of Labor Statistics (BLS) at a record low of 3.7 percent and the United States Bureau of Economic Analysis (BEA) reports an increase rate of 2.0...

2019 Economic Glance and Trends in HR

As the saying goes, “all good things must come to an end…” – while our economy continues to grow, the growth is slowing. According to The Kiplinger Letter, the United States gross domestic product (GDP) will grow two (2) percent,...

Gridlocked – 2019 Salary Budget Increase Projections

Our economic growth is flourishing! The United States’ unemployment rate is as low as 3.9 percent, as reported by the United States Bureau of Labor Statistics (BLS) and our real gross domestic product (GDP) increased at a rate of 4.2...

Changes and Trends in HR – What to Look for in 2018

Last year, we looked at several changes that were anticipated beginning in 2017.  During the past year, we have seen first steps toward changes in the Affordable Care Act (ACA) and the Fair Labor Standards Act (FLSA) overtime regulations, along...

Growing Economy and Rising Stock Market

Despite our growing economy and rising stock market, one thing remains consistent – salary budget increase projections.   National, industry-wide projections are stagnant, for the fourth consecutive year at a projected median of 3.0 percent (average, 3.2 percent) for 2017-2018.  (WorldatWork)...

The Projected Standstill

Locked in a standstill, salary budget increase projections for 2017 are remaining at 3.1 percent (average) overall (3.0 percent, median), according to WorldatWork. These projections are identical to the 2016 projected numbers. However, actual 2016 budget increases were lower by...
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