The subprime mortgage mess, the sagging economy and the weakened US dollar have left employers cautious, to say the least, when it comes to spending, even planning to spend, money. Employers in every sector are being very conservative about growth plans, staffing plans, revenue projections and, unfortunately, employee pay raises.
A recent salary survey published by WorldatWork, an association of human resources professionals from Fortune 500 organizations, revealed that the 2,500 participating employers (representing over 15 million employees in the U.S. and Canada) do not plan to increase their overall salary budgets for the coming year (2008); employers indicated that their salary budgets would remain flat at 3.9% of their total budgets, the same as in 2007.
That’s bad news for most of us who were hoping for a little something extra in our paychecks this year. The bright spot, depending on where you are in your career, is that the pay increases are targeted for officers and executives (Surprised?). If you are in this category, and you meet all of the other employer-specific criteria to qualify for a raise, you just might get a piece of this tart (Pies are so 5 years ago).
If you happen to be a nonexempt hourly or salaried employee, getting your slice just became a contact sport.
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