Pay raises near 3.8% in ’08; more firms use bonuses — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Pay raises near 3.8% in ’08; more firms use bonuses

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A trio of new salary surveys from top consulting firms—Mercer, Hewitt and WorldatWork—predict that U.S. employers will dole out annual pay raises of about 3.8% in 2008, about the same level as this year.

The modest raises outpace inflation, which is currently running at 2.7%. More employers are turning to bonuses rather than higher raises to reinforce performance, a trend that Hewitt researchers called “the biggest turnaround in compensation practices in 10 years.”

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