Average Salary Increase for 2011 is 3 Percent

average salaryAccording to The Conference Board's annual salary increase budgets survey report projections for 2011 show a modest median salary increase, of 3 percent, slightly up from the 2.5 percent average increases in 2010. Salary increase budgets represent the pool of money that an organization dedicates to salary increases for the coming year excluding overtime, bonuses, etc.

The report states that the largest year-over-year projected increases are in the diversified services industry, where the projected 2011 median salary increase budget is 0.5 to 3 percentage points higher than the actual 2010 budget; and in the diversified financial services industry, where the projected 2011 median salary increase budget is 0.5 or 0.63 percentage point higher than the actual 2010 budget.

Sectors projecting lower increases in 2011 include:

  1. Transportation industry -- expected to have the lowest median salary increase budget for 2011: 2.25 percent for exempt employees and executives.
  2. Insurance industry -- expected to have below the 3 percent median overall forecast increase for non-exempt salaried, exempt, and executives.
  3. Banking sector -- reported the lowest projected 2011 increase for non-exempt, hourly employees.


How to increase your chances of a bigger raise

Companies will continue to reward pay for performance, and employees can increase their chances of optimizing their merit increase by exceeding employer expectations for performance. Here are a few suggestions for how you can stand out from the average performer and potentially get a higher merit increase in 2011.


1. Document your accomplishments regularly throughout the year.

Keep track of all the projects you manage. Upon completion of each assignment, write a note to yourself detailing your contribution and how your efforts helped the company make money, save money, save time, grow the business, or retain customers. Quantify your accomplishments with dollars, percentages, and other appropriate metrics. Actively seek out opportunities to improve efficiencies and profits regardless of the task at hand. By showing and quantifying your specific value add, you build a better business case to support the requested salary increase.


2. Become hard to replace.

Create opportunities to diversify your experience by offering to learn how to perform tasks that support your main role and make you more efficient at what you do. An alternative strategy is to become an expert in one specific aspect of the job so you are seen as the "go-to-guy" for a particular type of information. No want wants to lose the "go-to-guy," because then they have to take ownership of an additional task.


3. Take on tasks that no one else wants to do.

This does not mean taking on grunt work. It might just mean mastering a new technology that no one else feels comfortable with or taking on an assignment that is outside of the traditional scope of the job. Employees who demonstrate this level of flexibility tend to get more flexibility from their bosses on other issues, including compensation.


4. Accept high-profile assignments close to review time.

Since it is easier for people to remember what has happened most recently, why not take on an important assignment to coincide with an upcoming review? The project is bound to become a focal point of the performance review discussion, and the boss can quickly remember and document the achievements relevant to the project.

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Barbara Safani

Barbara Safani

Editor

Barbara Safani, owner of Career Solvers, has over fifteen years of experience in career management, recruiting, executive coaching, and organizational development.

Barbara partners with both Fortune 100 companies and individuals to deliver targeted programs focusing on resume development, job search strategies, networking, interviewing, salary negotiation skills, and online identity management.

She is the author of Happy About My Resume: 50 Tips For Building a Better Document to Secure a Brighter Future and #JOBSEARCHtweet and her award-winning resumes are featured in dozens of career-related publications.

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TONY

NASSAU COUNTY, IN PARTICULAR, MR MANGANO HAS DECLARED WAR ON SENIOR CITIZENS...HE RAISES ALL TAXES ON HOMES AS MUCH AS HE CAN TO GET THE OLDER PEOPLE TO MOVE AND GET OUT SO NEW BUYERS CAN MOVE IN AT AN EVEN HIGHER TAX RATE...THATS WHAT WE GET FOR PUTTING A......REPUBLICAN.....BACK IN POWER....AFTER YEARS ON LONG ISLAND UNDER THAT OTHER.....REPUBLICAN CROOK, WHO DID TIME IN JAIL....MARGIATTA.....VOTE DEMOCRATE....GET ALL THE REPUBS OUT OF LONG ISLAND....ESPECIALLY NASSAU COUNTY....

October 18 2010 at 5:49 PM Report abuse rate up rate down Reply
TONY

UNFORTUNATELY, SENIOR CITIZENS ARE THE ONES GETTING SCREWED THE MOST..WE ARE ON A PENSION AND SOCIAL SECURITY...NEITHER ONE GETS A RAISE...BUT WHAT GOES UP.....
1...SCHOOL TAXES
1...REAL ESTATE TAXES
3...GENERAL TOWN TAXES
4...CABLE
5...HOME INSURANCE
6...CAR INSURANCE
7...MEDICARE
8...AARP
9...MEDICATION
10..FOOD
11..HOME HEATING
12..ELECTIC BILL
13..PHONE
14..GARDNER
15..GASOLINE
16..WATER
BUT THE AFTERNOON MOVIE WENT DOWN $2.00

October 18 2010 at 5:44 PM Report abuse rate up rate down Reply
SmallTownGirl

I quit my job after no raise for 4 years... my end of year wages kept DECREASING while the cost of living went up up up. Thankfully my husband is a good provider.

October 18 2010 at 4:11 PM Report abuse rate up rate down Reply
ajschrod

It's more than the inflation rate, so I certainly wouldn't complain about 3%. Consider that seniors received NO SS raise for '11 OR '10.

October 18 2010 at 1:49 PM Report abuse rate up rate down Reply
Elvira

Funeral homes should be on the list. I haven't had a raise in three years. My boss gives us a raise once every three or for years. When he does, it's the equivalent of 2% cost of living per year.

October 18 2010 at 11:40 AM Report abuse rate up rate down Reply
1 reply to Elvira's comment
budrow

a raise these days means a box to stand on

October 18 2010 at 11:46 AM Report abuse rate up rate down Reply

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