Median pay increase for U.S. employees hits lowest level in 10 years
The median pay increase U.S. employers are planning to give employees in 2010 is 2.5% -- the lowest planned increase in a decade, according to new research from the Hay Group.
In July 2008, the Hay Group found that the planned increase stood at 3% and the actual pay increase last year turned out to be 1.9%. The survey also found that:
- 40% reduced or eliminated 401(k) matches this year
- 35% with defined benefit pension plans are freezing those plans
“Organizations seem to be spreading their salary increases thin and providing a little bit to everyone," according to Mel Stark, vice president at the Hay Group.
Stark also noted that, “Managers are really challenged in maintaining a motivated work force environment in the midst of layoffs, base salary freezes and lower bonuses. Recognizing employee’s contributions and ensuring meaningful and impactful work opportunities in a healthy work climate go a long way in this economic environment.”
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LAST UPDATED 12/10/2009