Of the countries with the lowest projected salary increases for 2013 are the United States, Spain and Japan while the highest are India, China and Brazil, according to the 39th annual WorldatWork 2012-2013 Salary Budget Survey.
"Salary increases in growth markets, such as India, China and Brazil remain strong again this year," says Adam Sorensen, GRP, global practice leader for WorldatWork. "Although more and more companies are implementing integrated total rewards programs to attract and retain employees, cash remains king among employees. The war for talent — particularly for senior leaders and employees with specialized skills — rages on. Organizations must continue to be competitive in cash compensation even as they expand the range of other rewards in order to attract, motivate and retain their critical talent."
Respondents from Singapore, Australia, Canada, Germany, the United Kingdom, France and the Netherlands expect to offer salary increases between 3 percent and 4.3 percent.
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At 2.6 percent, Japan has the survey's lowest average for actual total salary budget increase in 2012 while its 2013 forecasts are a tenth of a percentage point higher at 2.7 percent. For the United States, salary increases in 2012 hit 2.8 percent and are projected to reach 2.9 percent in 2013.
"Salary budget increases in the United States and Canada while on the low end of the global scale have not declined despite continued mixed economic signals," says Kerry Chou, compensation practice leader, WorldatWork. "However, it is apparent that employers still view the near term with uncertainty, and as such are not making significant changes to their salary budgets."
This survey, which is the largest of its type, includes 4,299 responses from 13 countries that stand for more than 17 million employees.
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