Despite a hot job market, your raise will most likely be 3% or less

Despite a hot job market, your raise will most likely be 3% or lessDespite a hot job market, your raise will most likely be 3% or lessAs everyone knows, its a candidates job market, with unemployment at a 50-year low. However, according to compensation software company Payscale, Inc.s 2019 Compensation Best Practicespoll, that doesnt mean employers are handing out raises with jobs.Payscale Inc. talked to7,000 employers about employee compensation, retention, and management, and they said dont expect a big raise while 81% of organizations are planning base pay increases in 2019, the average increase isnt expected to rise much from 2018, with 70% of employers projecting raises of 3% or less for 2019.Follow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and moreCompensation expectationOnly certain types of jobs got higher raises in 2018. Over 40% of employers gave raises of 10% or more for some jobs at their o rganizations, typically for more competitive jobs, such as IT, where its hard to attract the right talent. While the vast majority of raises were for performance (50%), the next highest category (roughly 17%) welches for retention.Instead of money, employers plan on perks and work-life benefits to reward employees.Working from home is a big one 44% will allow it (up from 39% last year). Plus, 37% will offer flex time. Unlimited PTO has almost doubled in recent years (5% of companies offered it in 2016 now 9% offer it in 2018). A 4-day work week is available to a lucky 10%.Cash incentives arent completely gone in 2018, 55% of all surveyed organizations paid out bonuses on an annual basis. Some gave out bonus pay on a quarterly (17%) or monthly (11%) basis.Will employees stay?Retention was a worry for employers organizations concerned about it was up 7% from the previous year. Also, almost half of all organizations say the strong job market has increased their turnover rate and less than 25% of that was good turnover, meaning the natural exit of low performers.Meanwhile, a number of sectors have jobs that are hard to fill mainly tech, engineering, and skilled trades.Its hard to sayBonus or no bonus, work-from-home privileges or not, it seems like employees just want a heftier paycheck and a decent raise. To witIn 2018, only 22% of employees strongly disagreed they were being paid fairly by their organization.However, 42% of employers strongly agreed that employees were being paid fairly.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will double your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong people