With the continued uncertainty of the global economy, U.S. employers are expecting moderate pay raises in 2013 as they closely monitor costs, and they don't anticipate completely funding their annual bonuses in 2012, according to a new survey from global professional services company Towers Watson.
Specifically, respondents say they predict pay increases will average 2.9 percent in 2013 for their salaried nonmanagement employees, up from 2.8 percent in 2012 and 2.7 percent in 2011. Raises for for executives and non-exempt employees in 2013 are expected to hit similar levels.
"Most U.S. companies continue to keep their salary budgets relatively tight, especially since they are having little difficulty attracting and retaining employees, in general, reflecting the soft labor market," says Laura Sejen, global practice leader for rewards at Towers Watson.
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