The good news from the WorldatWork 2002 Salary Budget Survey Update: 63% of respondents said they’re standing behind their salary budget increase projections from last spring.
The bad news: The 31% who said they plan to take a knife to the originally planned salary increases are excising a big chunk of the available money.
Whether it is among non-exempt hourly non-union workers, non-exempt salaried, exempt salaried, or officer/executive, WorldatWork found that those making salary raise changes were reducing the May 2002 projection by at least 0.7 percentage points – what WorldatWork termed “a substantial figure” in the compensation arena.
Hardest hit will be officer/executive employees who will see pay hikes drop 1.2 percentage points from May’s 4.2% projection to the latest figure of 3%, according to WorldatWork.
Non-exempt hourly non-union and non-exempt salaried workers both saw a 0.7 percentage point cut at companies reducing their 2003 salary numbers.
However, most respondents said they didn’t anticipate changes in variable pay plans or in stock option programs since the May survey, WorldatWork said.
The latest survey covered 1,212 WorldatWork members, the organization said.
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