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Predictions about what will happen in the 2011 job market have begun to take shape. College hiring should go up along with annual performance increases.For those who are not recent college grads, but are interested in knowing what their prospects of getting a salary increase might be for 2011, there is some small hope on that front as well.While salary increase projections for 2010 were estimated to be around 2.5 percent, the outlook for 2011 is a bit better. The estimate for 2011 is that employers will set aside a budget of 3 percent for increases, according to the article, Salary Projects for 2011 Show Modest Increase.
Now it’s important for employees and job seekers to understand that just because employers budget 3 percent, it doesn’t mean everyone will automatically receive a 3 percent increase. The way that annual salary increases usually work is that a pool of cash is set aside for each department which is the equivalent of 3 percent of the department’s salaries. This pool is then doled out to team members depending on their contribution to the team as explained in the article, “Salary Increase Expectations for 2010: How Much Money Employees Might Expect and How to Ask for More
So the experts seem to be predicting a brighter future in the 2011 job market. That’s good news for soon-to-be college grads as well as hard working employees.