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October 2007 Pay raises to be modest in 2008 How much should you raise your employees’ pay in 2008? According to Business & Legal Reports’ (BLR) “Annual Pay Budget Survey,” merit raises will average 3.48 percent and general across-the-board raises will average 3.38 percent. These numbers are composite and include all types of jobs — office, factory, exempt, and nonexempt. General raises do not account for performance and are often calculated on the cost-of-living for a region. In general, according to BLR, smaller companies will give larger raises, although not much larger. The smallest companies are anticipating 3.9 percent raises, compared to 3.7 percent for companies with more than 500 employees. Source: Business & Legal Reports,www.blr.com |
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