We say it again: pay raise
2018 will be the year of the pay raise. That’s our story, and we’re sticking with it.
The pundits predict an overall increase in pay of 3% this year. Our firm expects 4% in plastics and packaging, plus more lucrative bonus payouts. Why not? We’re worth it! Also, there’s not a backlog of trained, energetic talent in line to replace retiring workers. Employers will need to coax their long-time employees into staying for a few more years.
Here are the official projections from two sources.
From dismal, pessimistic CNN: American workers are in line for a 3% pay increase, but 2% inflation means they’ll end up being only 1% better off. http://money.cnn.com/2017/12/12/pf/pay-salary-work-inflation/index.html
And from the Society for Human Resource Management: A new forecast predicts that salary increase budgets for U.S. employers will grow 3 percent on average in 2018 across most employee categories, essentially unchanged from 2017. https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/2018-salary-increase-budgets.aspx
We are more optimistic than either of these sources because we see firsthand the shortage of talent in plastics and packaging manufacturing industries. Have a great year!