November 2007

Survey: Most pay raises to be modest in 2008

Salaries for U.S. workers are budgeted to increase 3.8 percent in 2008, according to the national salary budget survey recently released by Salary.com, Inc.

The results indicate a steady, but cautious, approach by employers, who awarded the same average percentage increase in 2007 and 2006.

The survey found that 64 percent of companies are planning no change in salary budget between 2007 and 2008, compared to only 26 percent who reported a planned increase and 10 percent who expected a reduction. 

According to the survey, the largest increases are forecast for professional, scientific, and technical services jobs (4.2 percent), while jobs in the arts, entertainment, and recreation industry are budgeted to receive the smallest increase (3.4 percent). 

Workers in the Los Angeles and San Francisco metro areas can also expect larger-than-average increases (4.2 percent), while the smallest increases are budgeted in the Kansas City (3.2 percent) and St. Louis (3.3 percent) metro areas.

Source: Salary.com, Inc., www.salary.com

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