In an anemic economy, pay raises for many workers are meant not to improve their standard of living, but simply to maintain it.

U.S. employees in most jobs and industries can expect a median pay raise of roughly 3 percent this year, which is in line with inflation, according to a new survey by Hay Group, a management consulting firm.

Workers won't be able to buy much more with that extra cash, as consumer prices have risen 1.7 percent over the past year, according to the Labor Department's Consumer Price Index.