Survey Shows Nearly Half of Local Businesses Still In Salary Freeze Mode
Of Those Firms Providing Salary Increases, 40% Issued Raises Equaling Less than 4%
Stamford, CT. [April 7, 2010)] Leading that human resources consulting firm, OperationsInc (OI) and management consulting firm, Performance-Solutions-Group, Inc. (PSG), announce the second set of findings from their 2010 Benefits, Compensation & Salary Survey.
106 organizations in the Fairfield / NY Metro Area participated in this survey which focused on how businesses have been affected by the challenging economic climate and their resulting projections for Benefit Plans and Compensation policy for 2010.
The key findings from our survey:
- 45% of those surveyed still have a salary freeze in place.
- 30% provided increases for 2010 between 2-4%.
”It is still a very challenging economic environment”, said David Lewis, President of OperationsInc. “It’s going to be a year or more in my opinion before we see anything close to the ‘old normal’ in terms of salary increases and even movement.”
Wil Brewer, President of PSG, commented: “The high percentage reporting a freeze, together with the modest increases, certainly provide a sound foundation for an inflation free recovery to continue. However, we caution employers, whose companies are successful, not to use the current economic conditions as an excuse for limiting salary increases and pay-for-performance incentive payments. The result could be
resentment and the loss of top talent as the recovery picks up steam and the war for talent heats up.”
Founded by David Lewis in 2001, OperationsInc (www.OperationsInc.com) specializes in HR solutions for small businesses and HR professionals. OperationsInc’s portfolio of offerings includes such services as: Human Resources Outsourcing, Recruitment Management Services, Benefits Administration, Outplacement Services, Exit Interview Services, Payroll Administration and Management and Staff Training.
Performance-Solutions-Group, Inc. (PSG) (www.performance-solutions-group.com) is a management consulting firm based in Stamford, CT founded by Wil Brewer in 2006, specializing in performance management, pay-for-performance compensation and diagnostic online surveys.
OperationsInc and Performance-Solutions-Group, Inc are both located at 992 High Ridge Road, Second Floor, Stamford, CT 06905.