Our Founder, Tony LoPinto, who can now be found heading up the New York office of Korn/Ferry International, sent us a just published compensation analysis from their newly acquired Hay Group. The good news: their ‘Salary Forecast Study’ found that workers are expected to see wage increases of 2.5 percent, the highest in three years, reflecting the tightening labor market, as employers try to retain their top talent and strengthen existing pay-for-performance cultures. But, have salaries recovered from the Global Financial Crisis? Adjusted for inflation, salaries in the U.S. decreased 3.1 percent on average since September 2008 – despite a Gross Domestic Product (GDP) growth of 10.2 percent. Lower level jobs saw a 15% drop due to imbalances in supply and demand. Acute talent shortages worldwide with universities and companies unable to train people fast enough is the reason skilled employees are seeing steep pay increases while at the same time technology and offshoring cause an oversupply of people seeking lower level jobs. The disparity is not nearly as dramatic in Europe and other developed nations compared to the U.S.
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