Employers say they’re more concerned about retention this year than any other in the past decade, but those fears haven’t pushed up compensation budgets. (Photo: Shuterstock)

For all companies bemoan the tight labor market, they’re stopping short of a reliable reward for stalwart employees: a generous raise. A recent PayScale survey of over 7,000 employers found that 70 percent of companies are sticking with increases of 3 percent or less.

“It can be disappointing to feel like you’re constantly getting a 2 or 3 percent bump that barely feels like it’s keeping pace with inflation,” said Lydia Frank, the VP of Content at PayScale. “Especially when we’re in a robust economy and talent market.”

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