The current economic crisis has caused many employers to revisit their 2009 budgeted pay increases. In a recent Hewitt survey, budgeted average wage increases have dropped to 2.5% down from the previously anticipated increases of 3.6%-3.8%. Watson Wyatt surveys have similar findings, with average budgeted merit increases dropping even lower, to 2.3% from the original 3.8% projections.Naturally, workers in some industries will see lower increases (or none) and others larger ones. Watson Wyatt notes that over 60% of the organizations surveyed have reduced merit increases.
May 5, 2009
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