Considering today's uncertain economic state, U.S. employers are expecting to give employees moderate pay raises in 2012, though they anticipate fully funding annual bonuses for workers in 2011 because of increased corporate profits, according to new Towers Watson survey.

The survey, which interviewed 773 U.S. companies, reveals that companies are anticipating an average of 2.8 percent pay increases in 2012 for salaried nonexecutive employees. This is an increase from the 2.6 percent average raise workers received in 2011 and 2010. Respondents also expect similar raises in 2012 for executives and nonexempt employees.

"Until the economy shows some solid and consistent improvement, most companies are keeping their salary budgets relatively tight," says Laura Sejen, the rewards global practice leader at Towers Watson. "At the same time, companies also recognize the need to reward their top performers or risk losing them to competitors and, as a result, continue to differentiate pay raises based on individual performance."