How much pay raise can you expect in the coming year? USA Today quoted two independent reports that both indicated employers are not willing to give out more in 2008:
Employers are planning an overall salary budget increase of 3.9% next year, according to an August survey by WorldatWork, an association of human resource professionals that conducts one of the most comprehensive salary budget surveys. That follows similar modest salary increases of 3.9% in 2007.
Other data support the somewhat gloomy outlook. Employees should see only flat to modest growth in pay increases, according to the preliminary findings of a report to be released this month by Hewitt Associates, a benefits consulting firm based in Lincolnshire, Ill. Companies gave employees about a 3.7% average pay increase in 2007, with 3.8% projected for 2008.