Last Updated Oct 30, 2008 5:36 PM EDT
- The Find: Just as this morning's Commerce Department report makes the prospect of recession official with hard numbers, two new surveys also confirm something many managers have been suspecting for awhile: there's little chance of getting a raise anytime soon.
- The Source: British business website, Management Issues.
Hewitt's survey of 411 large companies revealed four out of ten firms were revising their salary budgets. No extra credit for guessing whether they're going up or down. "Salary increases for both hourly and salaried exempt employees at these companies are now projected to be 3.1 percent--the lowest projected base salary increase since after 9/11," the research concludes.
Meanwhile, Watson Wyatt found that nearly half of companies surveyed are reviewing their executive remuneration policy because of the current economic turmoil, with annual bonuses being changed to reflect the new economic reality in terms of targets.