PeopleTicker Wage and Salary Index reports a positive outlook for workforce pay rates in the new year
PALM BEACH, FLA. (PRWEB) DECEMBER 11, 2018
PeopleTicker™, the global standard for real-time salary and labor rates, announced that wages will continue to increase in 2019 at a healthier pace than experienced in recent years. This news follows PeopleTicker’s October Wage and Salary Index stating that “workers in advanced economies are experiencing the biggest wage increase in nearly a decade.”
“The announcement of Amazon’s minimum wage increase in November was a bold move that escalated the war for talent. Overall, we are seeing wage increases of .05% across multiple industries, compared to .02% at this time last year,” said Joseph Musacchio, CEO of PeopleTicker. “The labor market was strong in 2018 and that momentum will continue to boost wages and employee compensation well within the new year.”
Details of ADP’s National Employment Report: November 2018 showed private-sector employment increased by 179,000 jobs from October to November. Most job growth was service-sector led, as the professional and business sector added 59,000 jobs, education and health added 49,000 positions and leisure and hospitality added 26,000 jobs.
On average, 2018 payrolls increased by 212,500 per month, 30,000 more than the average monthly gain in 2017. “Historically low unemployment has aggravated the shortage of skilled workers,” Musacchio added. “Pay pressure is continuing to build as businesses are ramping up employee compensation to a degree not seen in a decade. Things seem to headed in the right direction for the American worker.”
Global market wages are also picking up the pace and should continue to gain momentum going into the new year. October’s announcement from the Office of National Statistics confirmed Great Britain’s regular pay (excluding bonuses) had accelerated to the greatest level in nearly a decade - 3.1% higher at the end of August than in the same quarter last year.
Australia’s workforce is seeing its highest wage growth in three years – an average of 2.3% over the past 12 months - and hourly pay rates across the nation rose 0.6% in September.
Wages in APAC grew by an average of 3.5% last year, nearly ten times faster than the 0.4% average increase seen among the wealthiest nations. Since 2008 South Korea’s wages have grown by 15%, a surge that put it ahead of Germany as the developed country with the fastest wage growth over the last decade.
According to the International Labor Organization (ILO), the APAC region has reflected “more rapid economic growth than in other regions and workers in Asia and the Pacific have enjoyed the highest real wage growth among all regions.” According to the ILO continued wage growth is forecasted this upcoming year in India, China, Vietnam and Thailand.
PeopleTicker gathers both direct and contingent wage information from nearly 2,000 sources tracking compensation data in 160 countries for 300,000 different job roles. Strengthened by over 19 years of wage research, our data management, analytics, and SkillsVillage validation processes are unmatched in the industry. PeopleTicker’s SkillsVillage is a global ecosystem of experts in procurement, human resources, and recruiting that provide crowd-sourced rate validation. To learn how your salaries and contingent rates compare to market, visit our website.