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US companies to hold steady on wage increases in favor of bonuses

August 12, 2019 / Valerie Bolden-Barrett

Money might still be the top motivator for most workers, but based on new reports from Willis Towers Watson (WTW) and global insurance broker Gallagher, companies plan to keep wage increases at or below the current 3% average by offering personalized benefits, bonuses and other variable compensation. According to Gallagher's 2019/2020 Salary Planning Survey, companies of all sizes and industries are looking for ways to attract and retain workers who aren't motivated by the highest salaries when job hunting. And WTW's 2019 General Industry Salary Budget Survey showed that while employers plan to hold the line on wage increases, others plan to modestly increase discretionary bonuses or add separate promotional budgets to reward top talent in 2020.