Is your company planning on handing out raises in 2011? See how your plans stack up against other companies across the U.S.
According to a new Hay Group survey, median base salaries will rise by an average of 2.8% this year. That’s up from the 2.4% median in 2010.
But there’s still a substantial number of companies planning additional belt-tightening — although that group is smaller than in years past.
According to the Hay research, here’s what some companies are planning:
- wage freezes: 18%
- reduced retirement benefits: 17%
- other reduced benefits: 15%
- cutting staff: 10%
- job sharing: 9%
- furloughs: 7%
- reduced working hours: 5%, and
- salary cuts: 4%.
How do these stats compare with your company’s plans for 2011? Let us know in the Comments section below.