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08/05/10
Salary Survey Projects Modest U.S. Increases for 2011
Filed under: Employment
Posted by: site admin @ 5:09 am

U.S. salary increase budgets are remaining historically low, but projections for 2011 show a modest increase, according to The Conference Board annual salary increase budgets survey report, released July 13, 2010. For the second straight year, the median salary increase budget in 2010 is 2.5 percent. Projections for 2011 show a modest increase to 3 percent.

The largest year-over-year projected increases are in the diversified services industry-with a projected 2011 median salary increase budget is 0.5 to 3 percentage points higher than the actual 2010 budget-and in the diversified financial services industry-with a projected 2011 median salary increase budget is 0.5 or 0.63 percentage point higher than the actual 2010 budget. Among other sectors:

* The transportation industry is expected to have the lowest median salary increase budget for 2011-2.25 percent for exempt employees and executives.

* The insurance industry also is below the 3 percent median overall forecast increase for non-exempt salaried, exempt, and executives.

* The banking sector reported the lowest projected 2011 increase for non-exempt, hourly employees.

Pay for performance continues to be the common approach for the allocation of salary increase budgets as companies remain focused on high-performing employees and growth businesses.

Source: http://bit.ly/cn1V6a - as appeared in Career Management Alliance newsletter.

– Jan Melnik, MRW, CCM, CPRW, President, Absolute Advantage

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