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A pattern that found many U.S. employers making sharp cuts to their pay-increase budgets at the end of the year appears to be changing, according to a survey by Mercer Human Resource Consulting.
While 41 percent say they will make some type of adjustment to their 2005 pay-increase budgets, those changes will be very small this year--with reductions of just one- or two-tenths of a percentage point for some employee groups. That means average pay increases for 2005 are still projected to be around 3.5 percent, according to Mercer. Among employers that anticipate a budget change, pay increases for executives now will average 3.3 percent in 2005 instead of the 3.7 percent projected earlier this year. That results in an overall drop in projected executive pay increases from 3.8 percent to 3.6 percent when all employers in the survey are considered.
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