Compensation forecasting is vital for a company’s success; to meet and exceed revenue goals, you need insight on trends and how increasing rates can affect your budgets. It can be overwhelming, especially if you do not have a salary forecasting tool with scientific data to back it up.
If you’re looking for information on salary increases and compensation trends, ERI’s National Compensation Forecast white paper can point you in the right direction. Each quarter, ERI examines the rates at which salaries have increased and provides guidance on expected increase for the months ahead. Review how national compensation has changed historically and see projected annual growth rates among various occupations, including Health Care, Sales, and Information Technology.
The second quarter of 2019 continued to see salary increases at rates higher than expectations. Specifically, between April 1, 2019, and July 1, 2019, salaries increased at a rate of 0.68%. This rate is higher than the 0.56% expected quarterly growth rate. Furthermore, an unemployment rate of 3.6% points towards a tighter labor market with greater competition. Overall, ERI is expecting compensation rates to continue growing through 2019.
For a more in-depth analysis, including mean salary growth charts, see ERI’s recent whitepaper, “National Compensation Forecast – July 2019.”
The data contained in the National Compensation Forecast is derived from ERI’s Salary Assessor and ERI’s Salary Increase Survey & Forecast. It’s designed to capture salary changes across a broad range of jobs found in the United States economy and provide a clearer picture of how compensation is growing.
Looking for more information?
Detailed salary data, including competitive salary levels and market benchmarks, can be found in ERI’s Salary Assessor.
ERI Economic Research Institute compiles the most robust salary, cost-of-living, and executive compensation survey data available, with current market data for more than 1,000 industry sectors.
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