Workers in the U.S. can expect a 3.7% pay raise in 2005 — the second straight year of increased raises for employees after a three-year decline — according to a report on CareerJournal.com, The Wall Street Journal’s executive career site.
The 2005 expected increase is slightly higher than the 3.6% average raise in 2004, according to data compiled by Salary.com. Average salary increases bottomed out at a five-year low of 3.4% in 2003, after hitting a five-year high of 4.4% in 2001. A 3.7% pay raise would mean that an average worker earning $34,000 a year can expect to see an additional $24.19 per week. Those with a salary of $100,000 can expect an increase of $71.15 per week.
"We are in the early stages of an upswing," says Tony Lee, publisher, CareerJournal.com. "The projected salary increases for this year are a ray of sunshine following several years of salary freezes and layoffs."
CareerJournal.com offers these tips on how you can earn more as the job market improves:
- Keep track of your successes to present to your boss.
- Document your fair-market value by researching free salary data on sites such as CareerJournal.com.
- Learn the art of salary negotiation-the better you are at negotiating, the better your chances of being successful.
- Ask what needs to happen for you to earn a raise in the future, and try to get a commitment in writing.
"Having another job offer also is a great tool in negotiating a raise with your current employer, but be prepared to leave if your employer doesn’t meet your terms," Mr. Lee adds.
For more information, visit https://www.careerjournal.com/.
About CareerJournal.com
CareerJournal.com is The Wall Street Journal’s award winning career site targeted to executives, managers and professionals. https://www.careerjournal.com/
This article was last modified on January 6, 2023
This article was first published on June 18, 2005
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