The White House has long said that corporate tax cutswill trickle down to American workers and pad their paychecks. Then, as if on cue, justas Congress passed a bill to enact them, a handfulof companies announced employee bonuses they saidwere proof of that.

But those one-time bumps, whatever really precipitated them,don’t mean higher wages are around the corner. Even the WhiteHouse said it could take eight years for thecuts to boost wages much. And for now, employers are inno hurry to raise them.

For the past five years straight, employers have reported giving 3 percent raisesto most workers—even as the economy has improved, the labor markethas tightened, and unemployment has fallen. Only stellar performersget bigger bumps.

This year is no different. Aon’s annual survey from lastyear found the trend wascontinuing into this year, with most companies still reporting 3percent raises for 2018.

“Companies are really hesitant to give raises,” said PaulaHarvey, the vice president of human resources at Schulte BuildingSystems, a building manufacturer near Houston.

Like many companies, Schulte had a good 2017. But despite lowlocal unemployment and the promise of a windfall from the tax law,it doesn’t plan to give bigger raises than the standard 3 percent, Harveysaid. Instead, employees will get bonuses for their hardwork in 2017.

For one thing, the tax overhaul passed Congress too late toaffect 2018 compensation budgets. “Companies, at least the onesI’ve talked to, are still in the process of analyzing the rules andthe implications,” said John Bremen, a managing director ofhuman capital at Willis Towers Watson.

But the legislation might not have made adifference anyway. Employers have become attached tothat 3 percent raise they’ve given for the past few years,Bremen said. He doesn’t see that changing, not even with the newlaw.

A tight labor market no longer forces employers to pay workersmore, thanks to a combination of factors including theglobalization of the labor force, job automation, the decline ofunions, and the rise of contract work.

Companies, for their part, say salary bumps are toopermanent—too expensive. If times get tough, paycuts hurt morale and productivity and risk attrition.“When you give a raise, it’s stuck in the pay system,” saidHarvey. “It is something you’re guaranteeing; it’sbecoming a fixed cost.”

In recent years, such companies as General Electric Co. haveconsidered chucking the annual pay raise altogether for something“more flexible,” the company told Bloomberg last year. That flexibilityoften comes in the form of variable pay. Employers canopt for bonuses on a year-by-year basis, and if they have abad year, they can just forgo it, ratherthan cut salaries or let workers go.

Companies say they’ve found that bonuses, since they come in onebig sum, are better than annual incremental raises atmotivating workers. They also help with recruiting and retention.“Where demand [for talent] is high but supply is low, the bonus isone more way to keep people that you want to keep,” said Dan Ryan,who runs a Nashville-based executive search firm.

If the tax law rewards any workers, Ryan predicts, it will bethose so-called star performers—the same people companies arealready plying with bigger raises and bonuses. Employers, hesuspects, will use extra funds to attract them and keepthem around and happy.

Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.