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Average pay raises for blue collar, nonexempt, and professional/managerial employees remain at 3.0 percent, 3.5 percent, and 3.5 percent, respectively, again this year, according to a study by Hay Group. The figures are the same as those reported in 2003 but lower than previous years’. At 3.5 percent, median increases for executives are up from 2003, but they are still below 2001 levels.
However, employees eligible for bonuses are seeing larger bonus payouts in 2004, according to the study. Hay Group’s research indicates that while companies are still being conservative with salary increases, financial performance has improved, allowing for larger bonuses to be paid.
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