Capital Associated Industries, Inc.® and The Employers Association have released the results of their annual statewide Wage & Salary Survey.
Among the findings is a clear indication of the effects of COVID-19 but also the lengths to which employers are going to retain their employees. 73% of companies have given salary increases this year. Half of companies reported base pay increases between 3-3.99% in 2020, with projections of 58% of companies giving increases in 2021. That’s compared to increases of 3-3.1%, which has been the statewide trend over the last five years.
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On average, organizations reported salaries are projected to increase 2.2 percent to 3.1 percent across all employees for 2021 - the former of which includes organizations giving zero percent. Those numbers are down only slightly from 2.5% and 3.6%, respectively in 2020. Participants in the survey represent a number of industries, with Manufacturing (Durable and Non-Durable Goods), Professional and Business Services, Health Services, Financial Services and Education rounding out the top five. Seventy-four percent are small to mid-size businesses, with less than 200 employees. “We realize there are unique economic and financial circumstances across North Carolina employers,” added Hegeman. Several contributing factors that quickly come to mind are whether or not a company received a PPP loan, loss of revenue or had to stay closed longer than others.” Other Key Findings
While most companies do intend to increase base salary pay next year, 26% have no plans to do so. That’s 3% higher than the 23% who did not provide pay increases at all in 2020, and 15% higher than 2019.
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Download your copy of the Wage & Salary Survey Results Infographic here
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