Updated June 30 at 11:30pm

Sign up to receive Providence Business News' newsletters
and breaking news alerts.  

financial services

Survey reports firms budget for pay increases

Posted:

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.

Bureau of Labor Statistics, Compensation Data Banking & Finance, Compdata Surveys

Comments

No comments on this story | Please log in to comment by clicking here
Please log in or register to add your comment
Latest News