There has been a prevalent trend towards stagnant pay increases for several years
Kansas City, KS (PRWEB) June 4, 2008
The newly released Compensation Data 2008 preliminary survey results showed pay increase budgets have shown no change in the last year. Current pay increase budgets were reported at 3.60 percent for 2008 and are projected to be 3.62 percent in 2009. In 2007, pay increase budgets were also 3.60 percent.
Over the last five years, national pay increase budgets have varied by no more than .13 percent when comparing consecutive years. In 2004, pay increase budgets were 3.47 percent. They rose by .04 percent from 2005 to 2006 and have fluctuated by as little as .02 percent in the five-year span.
Pay increase budgets vary slightly by industry. Preliminary results for Compensation Data 2008 showed companies in the technology industry had the highest pay increase budget, 5.52 percent. Organizations in distribution and warehouse had the lowest with 3.43 percent, according to the newly released results. While many have talked about hiring shortages in health care, pay increase budgets have changed little from 2007 when they were 3.56 percent.
"There has been a prevalent trend towards stagnant pay increases for several years," said Amy Kaminski, manager of marketing programs for Compdata Surveys. "With predictions of a recession looming, companies should carefully consider how competitive their total compensation packages are. Employers are facing workforce shortages in many industries and should work to create a balanced compensation plan for their company to aid in retention of current employees."
About the Survey
Compensation Data 2008 contains data on 637 job titles ranging from entry-level to top executives. Information was collected from millions of employees across the country. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2008.
"Compdata Surveys offers pay and benefits data on 637 job titles for organizations across the country,” said Kaminski. “The results allow users to compare data by company size, industry and geographic region allowing customers to find information best fitting their needs."
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Data is collected annually from thousands of organizations across the country. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Lane Odle at (800) 300-9570.
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Manager of Marketing Programs
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.
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