HRCap E-Newsletter - Issue #099 (May2019)
2019 Salary Assessment
(Data Analysis and Projection)
As competitive skills become the main currency for talent and the cost of living rises, companies need to properly assess and revisit their compensation and benefit programs to ensure they are market competitive. A weak compensation can lead to skilled and coveted employees leaving, either to a rival company or to a different industry that provides a higher salary and stronger total compensation package. In order to stay competitive, employers need to realize the rising value of their employees and make strategic changes.
Through data collected through market research, executive recruiting, organization design consulting sessions, HRCap is able to visually conceptualize the ever changing scope of "compensation," especially when it comes to Korean-American companies in the United States. The following are excerpts taken from our most recent study that shows how "salary" has changed and how it will be affected in 2019.
The average salary in the United States has been steadily increasing each year. Data collected from the U.S.Bureau of Labor Statistics shows that in 2019, there will be an estimated increase of about 3% throughout all industries. This is in line with the percent increases the U.S. has experienced the past couple of years.
To stay competitive with the national average, Korean-American companies are steadily increasing the average salary that is provided. At HRCap, we expects an average increase, across the board, of about 5% during the year 2019. Depending on the employees' title, we project a 5.75% salary increase for managers, 4.92% salary increase for assistant managers, and a 4.35% salary increase for entry or associates.
At HRCap, we pride ourselves in providing the most real-life comparison when it comes to salary. The data we use is derived from internal data collected throughout the years from multiple clients and candidate sources. As the leading head-hunting firm for Korean-American companies, the data we collect and present is uniquely tailored to the Korean-American market. The analysis provides our client companies with strategic insights and helps them implement changes to stay market competitive.
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