|By Marketwired .||
|October 1, 2013 03:00 AM EDT||
SEATTLE, WA -- (Marketwired) -- 10/01/13 -- Today, PayScale, Inc. -- the leader in cloud compensation data and software for businesses and individuals -- released the Q3 PayScale Index, the latest quarterly report tracking trends in compensation. The recent survey marks the first time The PayScale Index has revealed shifts in 'real wages' by analyzing statistics from the Consumer Price Index together with PayScale's rich compensation data. The Q3 PayScale Index is also the first predictive Index; projecting only modest national wage growth of 0.1 percent in the U.S. for Q4.
"Real wage growth is a key indicator of economic health and employee satisfaction because it blends inflation together with nominal wages," said Katie Bardaro, lead economist at PayScale. "The results of our Q3 survey aren't encouraging for employees, showing real wages have actually declined over the past seven years. This means the income for a typical full-time worker buys less today than it did in 2006. We also anticipate the trend of negative to low real wage growth will continue in Q4."
The decrease in real wages comes at a time when U.S. corporate profits are at a record high. According to the Q3 gross domestic product (GDP) report from the U.S. Commerce Department, corporate earnings were up 18.6 percent over the past year and corporate profits represented the highest percentage of GDP in history.
"Wages continue to be relatively flat, even as corporate profits are dramatically increasing," said Bardaro. "Our research shows turnover increases and productivity decreases when employees feel undervalued, so we believe this is the time for businesses to reassess their compensation strategy to ensure long-term success."
In addition, PayScale research found that 59 percent of businesses felt retention was a 'main concern' as the economy rebounds, up from 28 percent in 2009. In this climate, companies should have a more balanced approach to compensation to attract and retain the right talent. PayScale recommends businesses take the following three steps:
- Understand the real costs of under-compensating - While keeping salaries low may seem like a good approach in the short term, it can result in lost productivity from existing employees and the loss of top performers who are expensive to replace.
- Take a measured approach to adjusting compensation - Businesses shouldn't rush to increase compensation across the board, but should instead evaluate key positions or geographic locations where the competition for talent is especially hot.
- Remember: the economy is volatile - In our current business climate, industries and skill sets which are hot today, may be cool tomorrow. Companies should make compensation decisions based on up-to-the minute data reflecting the exact attributes of their positions or the specific professional experiences of their employees.
Key findings from The Q3 PayScale Index:
- Nominal wages have not kept pace with inflation; real wages have dropped almost 7 percent since 2006, meaning the buying power of the average U.S. worker is lower than it was seven years ago.
- The prediction for Q4 is only a very slight increase to nominal wages of 0.1 percent, resulting in annual wage growth of just 0.8 percent.
- Changes in nominal wage growth for Q3 were a mixed bag, as wage growth was not seen across the board.
- Previous high-performing industries recovered from their Q2 decline and are back on top this quarter: oil and gas exploration, biotech, and healthcare.
- Media and publishing jobs hold the top spot for annual nominal wage growth at 3.9 percent.
- San Francisco, Baltimore, and Seattle are the U.S. metro areas that experienced the highest year-over-year growth with more than 2.5 percent.
The Q3 PayScale Index also analyzed wage trends in the United Kingdom and Canada. Wages in the U.K. increased 9.3 percent since 2006, compared to 8.2 percent in the U.S. for the same period. The results show U.K. wage recovery has been more rapid than recovery in the U.S.
To view the entire interactive Q3 PayScale Index which reflects wage trends across various industries, company sizes and major metros, please visit: http://www.payscale.com/payscale-index.
About The PayScale Index:
The PayScale Index follows changes in total cash compensation for full-time, private industry employees in the U.S., Canada, and the U.K. Three new features were added to the regularly released PayScale Index including:
- A forecast of the National U.S. PayScale Index for Q4 2013
- A PayScale Real Wage Index, which tracks changes in wages adjusted for inflation since 2006
- A national PayScale Index for the U.K.
Creator of the largest database of individual compensation profiles in the world containing 40 million salary profiles, PayScale, Inc. provides an immediate and precise snapshot of current market salaries to employees and employers through its online tools and software. PayScale's products are powered by innovative algorithms that dynamically acquire, analyze and aggregate compensation information for millions of individuals in real time. Publisher of the quarterly PayScale Index, PayScale's subscription software products for employers include PayScale MarketRate, PayScale Insight, and PayScale Insight Expert. PayScale's cloud compensation software is used by more than 2,500 customers including Mozilla, Tully's Coffee, Clemson University, and the United States Postal Service. For more information, please visit: www.payscale.com or follow PayScale on Twitter: http://twitter.com/payscale.
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provide...
Apr. 25, 2015 04:00 PM EDT Reads: 1,397
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Apr. 25, 2015 04:00 PM EDT Reads: 4,455
SYS-CON Events announced today that Soha will exhibit at SYS-CON's DevOps Summit New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Soha delivers enterprise-grade application security, on any device, as agile as the cloud. This turnkey, cloud-based service enables customers to solve secure application access and delivery challenges that traditional or virtualized network solutions cannot solve because they are too expensive, inflexible and operational...
Apr. 25, 2015 03:45 PM EDT Reads: 1,682
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
Apr. 25, 2015 03:00 PM EDT Reads: 2,865
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable o...
Apr. 25, 2015 03:00 PM EDT Reads: 1,512
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will mee...
Apr. 25, 2015 03:00 PM EDT Reads: 1,918
of cloud, colocation, managed services and disaster recovery solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. TierPoint, LLC, is a leading national provider of information technology and data center services, including cloud, colocation, disaster recovery and managed IT services, with corporate headquarters in St. Louis, MO. TierPoint was formed through the strategic combination of some of t...
Apr. 25, 2015 02:30 PM EDT Reads: 1,658
Public Cloud IaaS started it's life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in ado...
Apr. 25, 2015 02:00 PM EDT Reads: 1,282
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) ap...
Apr. 25, 2015 02:00 PM EDT Reads: 1,560
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Apr. 25, 2015 02:00 PM EDT Reads: 2,500
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
Apr. 25, 2015 02:00 PM EDT Reads: 1,784
ProfitBricks, the provider of painless cloud infrastructure IaaS, today released its SDK for Ruby, written against the company's new RESTful API. The new SDK joins ProfitBricks' previously announced support for the popular multi-cloud open-source Fog project. This new Ruby SDK, which exposes advanced functionality to take advantage of ProfitBricks' simplicity and productivity, aligns with ProfitBricks' mission to provide a painless way to automate infrastructure in the cloud. Ruby is a genera...
Apr. 25, 2015 01:00 PM EDT Reads: 1,057
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applicatio...
Apr. 25, 2015 01:00 PM EDT Reads: 2,728
SYS-CON Events announced today that BroadSoft, the leading global provider of Unified Communications and Collaboration (UCC) services to operators worldwide, has been named “Gold Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Compa...
Apr. 25, 2015 12:30 PM EDT Reads: 2,537
Apr. 25, 2015 12:15 PM EDT Reads: 1,343