The PayScale Index Highlights - Q3 2012
Q3 2012 brought good news for paychecks across the land and corresponding challenges for employers hoping to attract and retain key talent. National wage increases in the U.S.
returned to their 2007 highs and earnings in 10 of the 20 metros tracked in The PayScale Index rose by at least 3 percent, annually.
1. Going Strong:
Annual wage growth was the highest it's been in more than three years and every measure of The PayScale Index experienced an annual growth in wages. For many measures, like wages in Atlanta
, for human resources jobs
, and in the construction industry
, the quarterly wage growth in Q3 2012 was the highest it’s been since 2007.
2. Geeks Get More:
Among job categories, quarterly wage growth in Q3 was the highest for IT jobs
(up 2.1 percent). Seattle
, San Francisco
, three metros known for their strong tech presence, experienced annual wage growth of more than 3 percent. In fact, San Francisco had its strongest quarterly wage growth since first being measured by The PayScale Index in 2006 (3.6 percent).
3. Yeehaw, Houston:
After two years into steady wage growth, Houston
logs another quarter as the city with the most wage growth year-over-year.
4. Resources Rule:
Pay increases in the mining, oil and gas exploration industry
, as well as the utilities industry
, continued to skyrocket in the last quarter with an annual wage growth of more than 4 percent (4.9 percent and 4.4 percent, respectively).
5. Little Guys Take Leaps:
Similar to Q2, quarterly wage growth for small companies
(less than 100 employees) outpaced large companies
(1,500+ employees). Wages in Q3 2012 grew by 1.5 percent for small companies compared to only 1.1 percent for large companies.
6. Slow to Grow: Social service
, food service
jobs experienced the least wage growth, although there were no real losers in Q3, as all measures of The PayScale Index experienced wage gains. Annual wage growth for social service, food service and legal jobs were all below 2 percent, with social service bringing up the rear at 0.4 percent.
The PayScale Index tracks quarterly changes in total cash compensation for full-time, private industry employees in the United States. In addition to a national index, it includes separate indices for specific industries, metropolitan areas, job categories, and company sizes. The PayScale Index uses 2006 average total cash compensation as a baseline.