More than 6 in 10 of human resource professionals do not expect to receive a raise higher than 4 percent in 2008, according to a recent Compensation.blr.com poll.
When asked "Will you receive a raise higher than 4 percent in 2008?," sixty-three percent of respondents reported that they would not receive a raise higher than 4 percent, while just 22 percent believed that they would. Meanwhile, 15 percent of respondents said that they were not sure what type of raise to expect.
BLR's 2008 Pay Budget Survey projects that average merit and general increases will remain below 4 percent in 2008. Survey results showed that the average planned merit increase is 3.48 percent, and the average general pay budget increase is 3.38 percent. The survey also broke down data by region, employer size, profit size and labor market size. Only employees in the Far West region of the country (including Alaska, California, Hawaii, Oregon and Washington) reported planned merit increase above 4 percent. More than 1,600 organizations responded to the survey, conducted in June 2007.
The Compensation.BLR.com poll included 382 respondents.
Compensation.BLR.com subscribers can access the 2008 Pay Budget Survey Summary here.