According to WageAccess, the Michigan Chamber’s Salary and Benefits Survey, Michigan employers are projecting that they will pay an average 2.7% of payroll for merit increases for 2014. This is a significant improvement over the reported 2013 budgeted merit increase average of 2.3%. What is even more interesting is, although Michigan employers budgeted for only 2.3% for merit increases in 2013, they actually paid an average 2.6% in merit increase pay to their employees last year.
Data provided courtesy of WageAccess Compensation and Benefits Survey. Through the Michigan Chamber’s partnership with WageAccess, you can gain access to valuable Compensation, Benefits, Pay Practices and Incentive Pay information and trends in the State of Michigan, and across the United States. Learn more about discounts offered to Chamber members.