U.S. workers at large companies can expect median base salary increases of 3 percent next year, in line with the past four years, according to a survey by consulting firm Hay Group .
After figuring inflation, however, the median pay increases will be 0.9 percent, down from the 1.6 percent rise forecast for this year.
Some sectors, however, will see stronger raises according to Hay Group. Oil and gas industry employees can expect 4 percent pay hikes. Hospital workers, though, should receive a 2 percent bump.
The consulting firm surveyed human resources managers at about 400 companies with at least $500 million in revenue.
Average wages across the economy — including small, midsize and large businesses — have been increasing about 2 percent a year, Labor Department figures show. Economists expect wage increases to accelerate later this year as the 6.1 percent unemployment rate continues to fall.
The companies surveyed by Hay cite growing risks that employees will leave as the economy improves and are focusing on non-financial rewards, such as training and development, to encourage them to stay.
— By Paul Davidson, USA Today