Does a Stronger Job Market Mean Better Bonuses?

Does a Stronger Job Market Mean Better Bonuses?

With the job market arguably getting stronger, many companies are trying to retain the best talent, which may mean there may be some extra money out there for some employees.
With the job market arguably getting stronger, many companies are trying to retain the best talent, which may mean there may be some extra money out there for some employees.

The catch? The survey says you have to be a superstar on the job.

A new survey from Aon Hewitt shows companies are now devoting 12.7 percent of payroll to performance-based pay. In other words, bonuses, and that's a record high level.

So what does this mean for you?

It is good news for workers. 91 percent of companies surveyed this year say they have a variable pay program and average salaried employees could expect to see bonuses between ten and 20 percent of their base pay.

For top talent, those bonues could range anywhere between 15 and 40 percent. That also means raises are going to be a higher rate for the best employees.

According to the survey, workers, on average will see a raise of 2.9 percent in 2014. It will grow to three percent in 2015.

And people who work in the oil and gas industry are expected to see some of the highest raises, while people who work in education are expected to be among the lowest.
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