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Think the boss cheated you on your raise this year? Wait till next year.
Pay hikes for the 12 months ended June 30 averaged 3.2 percent, the lowest annual gain since the federal government began keeping track in 1981. And next year doesn’t look much better.
The Conference Board says raises for employees next year will average 4 percent, only slightly higher than this year’s offerings. On top of that, many companies are shifting more benefit costs onto employees.
Frustrated employees notwithstanding, companies are continuing to push for productivity while keeping costs stable.
It’s enough to make some think it may be time to take a hike.
