December 2007

New Business

Survey estimates 2008 pay raises

12/1/2007 -

An August 2007 survey conducted by WorldatWork revealed that employers are expecting to increase salaries by 3.9% in 2008.

WorldatWork is an association of human resource professionals. Their survey indicated that employers will be keeping pay increases just a bit above the inflation rate of 2.7% for the twelve months ended June 2007. The need to stay competitive in the marketplace by holding costs down was cited as one reason for the relatively small payroll increases for next year.

Though pay-raise estimates are low, estimates of bonuses for performance excellence are definitely higher. Businesses expect to spend about 12% of total payroll on bonuses, hoping to reward and retain valued employees.

 

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