Though the economy has begun to improve over the past year, average pay increase budgets increased just slightly from 2010 to 2011. The newly released 2011 Compensation Data Services survey results show that pay increase budgets increased from 2.2 percent in 2010 to 2.4 percent in 2011. For 2012, service organizations predict very little change with a slight increase to 2.5 percent.
“There appears to be a level of cautious optimism within the industry in regard to the economy,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefit survey data provider. “Employers are taking a conservative approach, and we expect only a gradual increase over the next few years.”
Accounting firms report the highest pay increase budgets at 3.1 percent while personal services reports the lowest at 1.1 percent. Pay increase budgets vary within the industry, as all other categories report a pay increase budget of 2.3 percent. Accounting firms project a 3.6 percent pay increase budget for 2012 while personal service organizations project a 1.8 percent pay increase budget.
According to the results, pay increase budgets vary by state as well. Across the country, pay increase budgets range from 1.6 percent to 2.9 percent with predicted ranges from 1.6 percent to 3.1 percent in 2012.
About the Survey
Compensation Data 2011 Services surveyed nearly 100 industry specific job titles and 350 benchmark job titles ranging from entry-level to top executives. Data was collected from more than 400 services employers reporting on over 2,850 locations across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of January 1, 2011.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Michelle Willis at (800) 300-9570.