More than 80 percent of Midwest employers planned to give raises from July 1 to June 30 of 2015, according to a recent survey by Waukesha-based MRA-The Management Association.
The 2014-2015 Pay Trends and Talent Strategies Survey included 500 Wisconsin, Minnesota, Illinois and Iowa employers polled during July and August.
“The MRA survey reports an average 2.9 percent merit increase for 2015,” said Pam Renick, director of surveys and business research for MRA. “We recommend employers obtain specific merit increase data for their industry and employee groups to help them plan and develop competitive compensation packages that attract, retain, and engage employees.”
Also, 65 of employers said they were hiring in 2014, but had difficulty recruiting qualified employees. Employers expected the state and national economies would fare better than the global economy in the coming year.
Among those surveyed, most said they expected a slight revenue increase from 2013 to 2014. In 2015, they plan to invest in technology and equipment and ramp up recruitment and training efforts.
“The 2014-2015 Pay Trends and Talent Strategies Survey provides a unique regional focus that offers critical information to guide our member companies to understand potential hiring challenges and develop compensation strategies tied to their industry and employee groups,” said MRA vice president Vicki Vought. “Eighty-two percent of employers plan to give pay increases from July 1, 2014, through June 30, 2015. Those organizations that find ways to differentiate themselves in their compensation, training, and motivational practices will be the ones most poised for growth.”
