Non-manufacturing employers were more generous with raises in 2014-2015 than their manufacturing counterparts, according to a study released Thursday. However, the tables are projected to turn in 2016.
That’s according to numbers from the 2015-2016 Salary & Budget Survey released by The Employers Association of the NorthEast. It said it polled close to 100 companies from Massachusetts, Connecticut and Rhode Island.
Overall, manufacturing employers participating in the survey indicated employees received an average raise of 2.7 percent for 2014-2015, while non-manufacturing participants averaged a 3 percent raise. Both categories are holding steady with the forecast for pay raises.
The group’s manufacturing participants project an overall 2.8 percent increase for 2016, while its non-manufacturing group forecasts a 2.6 percent pay increase, on average. Companies reporting there would be no raises are factored into the overall numbers.
“Given the multitude of other factors competing for funds — from healthcare and other benefit costs to capital investments — it is not surprising to see limited increases,” said Mark Adams, director of HR Solutions for the Employers Association of the NorthEast. “That said, we know that employers want to give raises to keep top talent.”
Manufacturing executives saw the lowest pay increases among all segments of workers at 2.4 percent. Their counterparts in the non-manufacturing sector also received the lowest pay increases at 2.7 percent.
