KANSAS CITY, Kan. – According to a July report conducted by the Bureau of Labor Statistics, the unemployment rate was 8.3 percent, up slightly from 8.2 percent in June. Although the unemployment rate has increased over the past couple of months, pay increase budgets are beginning to show small signs of improvement. The report, “Compensation Data Banking & Finance” showed pay increase budgets at 2.7 percent, reflecting an increase from 2.6 percent reported the last two years.
The bureau expects to increase to 2.9 percent in 2013. Credit unions report the highest 2012 budget at 3.2 percent. Commercial banks and consumer finance and mortgage companies each reflect pay increase budgets of 2.6 percent. Banking and finance organizations who reported making adjustments to their pay ranges this year have reported an average adjustment of 1.7 percent, with 1.9 percent projected for 2013.
According to Amy Kaminski, director of marketing for Compdata Surveys, one of the nation's leading compensation and benefits survey data providers, pay increase budgets for many industries have stagnated and will remain so until employers begin to feel economically comfortable.