You may still see a pay raise next year despite the COVID-19 pandemic.
Employment advisory firm Wallis Towers Watson conducted a survey of more than 700 companies and found that half of them are sticking with their original salary hike targets.
Thirty-five percent plan to cut pay raise projections, but they are not getting rid of pay raises. The survey also found out that 10% of the companies that participated are not increasing salaries in 2021.
So how much can employees expect?
The survey found on average that companies expect to raise salaries for non-executives by 2.6%. At the same time, executives will see an estimated 2.5% hike.
As for bonuses, 66% of companies plan to still offer those, but they will most likely go to executives and those in management.