Dive Brief:
- Data released by CareerBuilder and Economic Modeling Specialists Intl. (EMSI) revealed which industries are experiencing the largest wage increases – and biggest declines – in the post-recession jobs era. The data comes from a study based on labor market analysis aggregated from about 100 national, state and local employment resources.
- The biggest increases were largely in the STEM fields, though Scheduled Air Transportation topped the percentage change in earnings, at 16.7%.
- A separate CareerBuilder study showed that 68% of employers plan to increase compensation for current employees, and 46% percent are planning to increase starting salaries for new employees.
Dive Insight:
The biggest decreases between 2010-2015, noted as the start of economic recovery, were in the Individual and Family Services category (-20%), of which Health Care and Social Assistance (-4.4%) play a large part. Government job salaries are also decreasing (-3.1%) due to budget downsizing.
Several broad industry sectors that pay lower on average experienced declines or “only very small increases,” according to a press release. That includes retail (-1.7%), accommodations and food services (-1.4%), and Administrative and Support and Waste Management and Remediation Services (-2.3%).
The information sector had the largest overall growth, even since 2005, with a 20% increase in wages. According to the press release, this surge in earnings may be due to a sharp increase in internet publishing and broadcasting and web search portal jobs, which on average earn upwards of $220,000 in 2015.
For HR, this data is key to remaining competitive for compensation and recognizing what competitors in the market are doing.
