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Growth in wages and employment were keys to a strong fourth quarter of 2014, according to the
ADP Workforce Vitality Index, which measures the total wages paid to the U.S. private-sector workforce, along with hours worked, employment growth and job turnover.
In 2014, job holders’ hourly wages rose 2.7 percent overall and job switchers’ hourly wages rose 8.2 percent, according to the index report, released in February 2015. While job switchers' wages grew at a much faster pace than job holders’, the gap has closed a bit year over year, possibly fueled by employers attempting to retain talent by offering better wage increases, the report noted.
Wages grew by 2.4 percent for full-time workers as opposed to only half a percent for part-time workers. Growing confidence in the labor market appears to have prompted companies to create and hire for more full-time positions.
Wage Growth by Industry in 2014 (Year over Year)
Job Holders’ Hourly Wage Growth
Job Holders’ Hours
Leisure and hospitality
Education and health
ADP Workforce Vitality Index
Wages for those in the under-25 age group grew nearly 6 percent year over year, more than twice as fast as the wages of any other group, the index showed. On the other end of the spectrum, wages for the age 55 and older segment increased by 2.3 percent, which was slightly lower than the wage growth of the two middle tiers.
Workers age 55 and older, however, showed stronger employment growth than other age groups. This may have been driven by a combination of workers crossing the age-55 threshold and older workers delaying retirement, the index report stated.
ADP Workforce Vitality Index was developed by the ADP Research Institute in collaboration with Moody's Analytics.
Stephen Miller, CEBS, is an online editor/manager for SHRM. Follow him on Twitter
Related SHRM Articles:
Forecast: Restrained Wage Growth Continues into 2015,
SHRM Online Compensation, February 2015
Wages: Stagnant or Just Shifting?,
SHRM Online Compensation, January 2015
85% of Companies Targeted Market Median for Base Pay,
SHRM Online Compensation, January 2015
Workers Want Raises, or They Will Walk,
SHRM Online Employee Relations, January 2015
After-Inflation Wages Accelerating, Data Show,
SHRM Online Compensation, October 2014
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