Thinking of scaling back employee pay increases? You’re definitely not alone.
The 2010 median forecast salary increase budget (the percentage of current payroll a company dedicates to salary increases for the coming year) is 3%, down half a percent from 2009, according to new survey from The Conference Board.
That’s the lowest yearly forecast for company salary budgets in 25 years.
The insurance industry is reporting the highest 2010 forecast at 3.5%, while the communications industry has the lowest forecast at 2.5%.
While the overall forecast is low, employers, on average, are still budgeting for salary increases ahead of inflation (The Conference Board projects the inflation rate to be 2% in 2010).
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