Cha-ching: Has your employer shown you the money?
Posted by: eyoung on November 13, 2007 at 8:52AM CST

As we head into the holiday season — for many, a season of over-spending and under-budgeting — it seems as good a time as any to ask: Did you get a raise this year? Was it enough?

U.S. employers planned to award average pay increases of 3.8 percent in 2007, just slightly more than they granted in 2006 (3.7 percent), according to the 2007/2008 U.S. Compensation Planning Survey from Mercer Human Resource Consulting. Pay increases are projected to remain at 3.8 percent in 2008 as well.

The survey included responses from more than 1,000 employers across the United States and reflects pay practices for more than 12 million workers.

Salary increases for 2007 were budgeted higher for executive positions (4.1 percent), and slightly lower for those in office/clerical/technician positions (3.7 percent) and trades/production/service positions (3.6 percent). Salary increases were budgeted at 3.8 percent for those in management and professional (sales and non-sales) positions.

According to the Mercer survey, the highest-performing employees (12 percent of the workforce) were expected to receive base pay increases of 5.7 percent in 2007, compared to 3.5 percent for average performers (52 percent of the workforce) and 1.7 percent for the weakest performers (3 percent of the workforce).

So, how did your raise measure up?

Send This | Categories:
(5) Comments
Posted by: TinainNC on November 13, 2007 9:53AM CST
2% but that is easily eaten up because every year our insurance rates go up 4 percent, so I'm actually losing 2% of my salary to pay for the insurance increase. As little as I use my insurance, it tears me up to pay it every paycheck. But I'm glad I have it.

Then we get a bonus on Dec 15 for about $1200.00 which ain't nothing by the time IRS takes their 40% off the top. I guess I can count my blessing though, as most people don't get bonus's anymore.

Posted by: Parivrajaka on November 13, 2007 11:54AM CST
A couple percent every now and then, nowhere near enough to cover inflation unless you're talking about housing (deflation). I'm not paid in dollars so I'm up at least 12% just this year in dollar equivalent. Fortunately I'm not paid in Zimbawe dollars or I'd be down almost 8000% since last year. I count my blessings.

Posted by: Garbanzo Bean on November 16, 2007 10:22PM CST
What's a raise ! Every year, my employer takes more away, and we pay more for our insurance.

Loading...
About This Blog
0 rating(s)

Latest Entries
Loading...
Report Photos