Despite the economic gloom that’s dominated the headlines for the last year, there’s a ray of hope for employees—and perhaps a sign that employers are bullish on business prospects for 2009.
A pair of new surveys shows that employers are proceeding with plans to pay their workers more next year, continuing a trend that began following the 2002 recession.
The nonprofit WorldatWork association’s annual survey of North American employers found that pay budgets are expected to grow 3.9% in 2009. HR consulting firm Watson Wyatt projects similar growth. Its survey of U.S. employers showed that merit pay increases will average 3.5% next year. (The two surveys used slightly different formulas to determine projected spending.)
Payroll budgets growing
Preliminary results from the 35th Annual WorldatWork Salary Budget Survey show pay budgets growing steadily from 2008 to 2009 in the U.S. and Canada. The actual increase in sala...(register to read more)