Employers say they're moreconcerned about retention this year than any other in the pastdecade, but those fears haven't pushed up compensation budgets.(Photo: Shuterstock)

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

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

Related: Power shifts to the job seeker in today's hiringmarket

Employers say they're more concerned about retention this yearthan any other in the past decade, according to the survey. Butthose fears haven't pushed up compensation budgets. The 3 percentnumber has held steady in recent years, despite the economicrecovery.

Companies, instead, continue to use bonuses and benefits to keepworkers from jumping ship. A record share of companies toldPayScale they plan on offering paid family leave, remote workpolicies, and unlimited paid time off. The hot labor market has ledto more benefits for more workers, in general.

“There's been a lot of discussion around why the wage increaseshave been so soft over the last few years,” added Frank. “There'sconcern that a recession might be in our future in the next coupleof years.”

Only a small number of top performers will get significantraises. About five percent of companies surveyed said they'd givenat least one employee a 30 percent raise, or higher.

Read more: 

• These workers are more likely to get a raise whenthey ask for one
• Stagnant wage growth driving workerdissatisfaction
• 10 emerging careers with high growthpotential

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