Salary Agreement 2019: What You Need to Know
As we enter the new year, many employees are eagerly anticipating the announcement of salary increases. Employers likewise are preparing to communicate any changes to their employees. But what is the current state of the job market and how will it impact salary agreements in 2019?
According to recent reports, the job market is strong and companies are competing for top talent. In fact, the unemployment rate is at a record low of 3.9%. This means that job seekers are in a strong position to negotiate their salaries and benefits.
On the other hand, employers are finding it increasingly difficult to attract and retain skilled workers. This has led to an emphasis on non-monetary compensation, such as flexible schedules, telecommuting, and professional development opportunities.
In terms of salary increases, many companies are planning to offer raises in 2019. However, the average increase is expected to be modest, around 3% to 4%. This is due in part to rising healthcare costs and potential tariffs impacting profits.
However, certain industries are experiencing a surge in demand for workers, which will likely result in higher salary increases. For example, the healthcare, technology, and engineering fields are predicted to see above-average raises.
It is also important to note that location plays a role in salary agreements. In general, salaries tend to be higher in metropolitan areas, though the cost of living must also be considered.
So, what can employees do to ensure they receive fair compensation in 2019? First, conduct research on comparable salaries within the industry and in the specific location. This will provide a baseline for negotiation.
Second, be prepared to discuss not just salary, but also benefits and other compensation. Employers may be willing to offer more vacation time, a flexible schedule, or professional development opportunities in lieu of a higher salary.
Finally, be aware of the company’s financial situation and the overall job market. If the company is experiencing financial difficulties, it may not be able to offer significant salary increases. In addition, if the job market is weak, employees may want to hold onto their current positions rather than risk unemployment.
In conclusion, the job market and economy are strong, but rising costs and market fluctuations are impacting salary agreements in 2019. Employees should conduct research on comparable salaries and benefits, be prepared to discuss non-monetary compensation, and be aware of their company’s financial situation and the overall job market. By doing so, they can ensure fair compensation and maximize their earning potential in the coming year.