The newly released Compensation Data annual survey results showed preliminary pay increase budgets were reported at 3.65 percent for 2007 and are projected to be 3.63 percent in 2008.
Kansas City, Kan. — The newly released Compensation Data annual survey results showed preliminary pay increase budgets were reported at 3.65 percent for 2007 and are projected to be 3.63 percent in 2008. These findings show a small increase from pay increase budgets in 2006, which were reported at 3.53 percent.
From 2003 to 2006, pay increase budgets have hovered around 3.5 percent and were the highest in 2003 when they reached 3.57 percent. The following year, they dropped to 3.47 percent, and at the most, have varied by .10 percent for the last five years. This is consistent with this year’s increase of .12.
Pay increase budgets vary slightly by industry. Preliminary results for Compensation Data 2007 showed companies in the service industry had the highest pay increase budget, 4.46 percent. Organizations in distribution and warehouse had the lowest with 3.41 percent, according to the newly released results. While many have talked about hiring shortages in health care, pay increase budgets have changed little from 2006 when they were 3.55 percent.
“To attract and retain top performers, employers should ensure they’re offering a complete compensation package,” said Amy Kaminski, manager of marketing programs for Compdata Surveys. “Because not all employees are motivated by routine raises, organizations should look to other methods to boost their compensation packages. These could include increased time off and the introduction of flexible schedules.”
About the Survey
Compensation Data 2007 contains data on 539 job titles ranging from entry-level to top executives. Information was collected from millions of employees across the country. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2007.
“Compdata Surveys offers pay and benefits data on 539 job titles for organizations across the country,” said Kaminski. “The results allow users to compare data by company size, industry and geographic region allowing customers to find information best fitting their needs.”
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Data is collected annually from thousands of organizations across the country. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Amy Kaminski at (800) 300-9570.