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What`s happening with pay

Views 2 Views    Comments 0 Comments    Share Share    Posted 07-04-2009  
Apr 6, 2009:Companies are increasing pay 2.8% this year, down from a projected 4%, according to the Hay Group.

That’s according to a survey released today, taken in March, of top HR and reward executives in medium- to large-size organizations across a range of industries.

Here’s what else is being done to hold down compensation costs:

Organization restructuring to reduce staffing levels 22.6% 19.2%
Temporary pay freeze 23.1% 14.5%
Promotion freezes 9.7% 15%
Reduced benefits (other than retirement) 7.1% 15.4%
Reduced incentives that are otherwise earned 7.3% 14.1%
Job sharing 6% 11.7%
Early retirement packages 7.4% 9.6%
Increasing co-pays on benefits programs, and scaling back employer-paid coverage 5.8% 11.1%
Voluntary reduced work week/working hours, with reduced pay 3.1% 12.4%
Voluntary unpaid leave/unpaid sabbaticals 3.9% 10.8%
Enforced reduced work week/working hours, with reduced pay 3.9% 10.3%
Other 3.7% 8.6%
Voluntary/negotiated salary cuts 3% 7.7%
Reduced retirement benefits 4.4% 6.3%
Temporary salary cuts 2.7% 7.5%
Enforced unpaid leave/unpaid sabbaticals 1.9% 6.6%
Compulsory salary cuts 2.3% 5.6%

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