Survey:Millions of workers likely to see raises dip below 3% next year
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According to marketwatch, Half of the companies surveyed said they're changing their plans for salary hikes in 2009, and another one-fourth of the companies are considering such changes.
The survey was conducted in November and December of 640 large companies with a total of almost 13.5 million U.S. employees, in the manufacturing, retail, financial, technology, telecommunications, energy and other industries.Counting all the companies, including those not making salary-plan changes, the average pay increase next year will be 3%, down from 3.8% in a Hewitt survey in July. Salary increases will average 2.9% for executives, 3% for salaried exempt workers, 3.1% for salaried nonexempt workers and nonunion hourly workers, and 2.8% for union workers.
Given today's economy, many people may be happy for any paycheck at all, and companies appear to agree: 53% of the companies surveyed said they don't expect employee feedback regarding the changed compensation plans, agreeing that "employees are too worried and the job market is not good, but "the changes"might increase turnover in the long term." See story on U.S. economy losing 533,000 jobs in November here
The survey was conducted in November and December of 640 large companies with a total of almost 13.5 million U.S. employees, in the manufacturing, retail, financial, technology, telecommunications, energy and other industries.Counting all the companies, including those not making salary-plan changes, the average pay increase next year will be 3%, down from 3.8% in a Hewitt survey in July. Salary increases will average 2.9% for executives, 3% for salaried exempt workers, 3.1% for salaried nonexempt workers and nonunion hourly workers, and 2.8% for union workers.
Given today's economy, many people may be happy for any paycheck at all, and companies appear to agree: 53% of the companies surveyed said they don't expect employee feedback regarding the changed compensation plans, agreeing that "employees are too worried and the job market is not good, but "the changes"might increase turnover in the long term." See story on U.S. economy losing 533,000 jobs in November here
