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Use online tools to figure pay raises

by on
in Human Resources

One way managers can track what others are paying in their industry and job categories is online salary surveys. Employees and applicants use these sites to gauge their worth. Some leading sites:
  • National Compensation Survey, by the U.S. Bureau of Labor Statistics slices and dices pay data by state, occupation and more. Find it at www.bls.gov/ncs.
  • The Salary Wizard creates a salary report based on location and job. Go to www.salary.com.
  • SalaryExpert.com offers a free tool to search salary info by ZIP code and position. Go to www.salaryexpert.com.
  • WageWeb displays wage data on hundreds of benchmark positions. Go to www.wageweb.com.

So what's the national salary trend look like? A collection of new salary surveys says most organizations will hold their compensation cards close to the vest for the remainder of 2003, with plans to boost salary hikes only slightly more in 2004.

Taken together, the results from two of the most respected salary surveys, by consultant William M. Mercer Inc. and compensation association WorldatWork, predict the following average pay increases in 2004:

  • Nonexempt hourly workers 3.50%
  • Exempt salaried workers 3.65%
  • Executives 3.75%

If those numbers hold true, 2004 would mark the third consecutive year that pay increases have fallen below 4 percent.

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