Survey Indicates Most Local Businesses Plan to Give Salary Increases for 2011 Despite Economic Concerns
The key findings from our survey:
- 53% plan on giving salary increases for 2011
- 34% plan to give increases in the 3-4% range
- 15% are not giving increases / another 6% are leaning that way (vs. 45% in 2009)
- 44% plan on giving bonuses (vs. 34% in 2009)
- 70% said the economy is a concern for 2011 (vs. 75% in 2009)
- 34% expect to be hiring in q1 2011 with only 5% planning a reduction
Access to a full survey report and grid is available upon request.
“I am certainly encouraged by the results showing a thawing of salary freezes and modest upward movement in salaries,“ said David Lewis, CEO of OperationsInc. “I do think though that this is as much an indication of smaller staffs, more productivity per man hour, and the resulting increase in profits vs. an indication that a major corner has been turned.”
”These results are indicative of the slow economic recovery. Companies are compelled to recognize the need for salary increases after two lean years with limited increases and, in many cases, no bonuses or very small bonuses,” said Wil Brewer, President of Performance-Solutions-Group, Inc. “The danger to avoid is disengaged employees looking for alternative employment once the recovery gains steam and job opportunities increase.”
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, executive coaching and employee engagement surveys.
OperationsInc and Performance-Solutions-Group, Inc are both located at 992 High Ridge Road, Second Floor, Stamford, CT 06905.