According to multiple sources, the outlook for salaries is good for the remaining part of 2015 and into next year. The Society for Human Resource Management predicted around a 3 percent increase for wages this year, and other economics experts stated that wages would approach or exceed the estimated 15-year highs that last year’s wage increases experienced.
Around the Chicago area, wages are also on the upswing, based on data from the U.S. Department of Labor and Statistics. The Illinois unemployment rate has dropped from 6.2 percent in Dec 2014 to 6 percent in May 2015, which is good news for the thousands of workers who call this state home. Earnings are up for several industries, including construction, transportation, professional services, education and health services, hospitality, and government-related businesses. According to the U.S. Department of Labor, some of the biggest job gainers were in the following industries: Healthcare, Retail, Leisure & Hospitality, Finance & Insurance firms and Transportation & Warehousing.
The National Compensation Survey released their data in June 2015, which indicates that wages are steadily increasing in Illinois and other developed states across the U.S. Based on DOL data, “Employer costs for employee compensation averaged $33.49 per hour worked in March 2015.” Additionally, Illinois is one of many states to raise the minimum wage in 2015, with additional increases scheduled until 2019. Currently, the state minimum wage sits at $9 per hour.
As we move into a candidate driven market, being aware of compensation trends helps with creating the best pay policies for recruiting top talent. Earlier this year, Casey Resources provided a salary survey that showed salary trends along for job descriptions for positions in the Chicago area. Click here for more information or to receive the content.
If you are looking for new work opportunities, especially those that offer great growth opportunities and benefits, your first stop should be with Casey Accounting & Finance Resources in Chicago. There are many full-time, contract and temp-to-hirepositions paying excellent starting wages.
You are also welcome to get in touch with our caring team of recruiters who can match your skills to a job that offers high salary and growth potential in your industry for the best careers in Chicago.