In a press release AIM said its Massachusetts General Wage Survey Report and Massachusetts Executive Compensation Report show 38% of the companies surveyed predict increases of between 3% and 3.4%, while 35% anticipate increasing salaries between 3.5% and 4.5%.
The research found the top three compensation priorities for businesses in 2007 are managing top performers, addressing market competitiveness, and communicating the total compensation program to staff.
Other survey results, according to the release, include:
- 13% of respondents instituted a pay freeze in 2006, while 2% reported implementing a salary reduction program;
- Only 6% of participating companies predicted a significant increase in hiring in 2007, while three quarters of the respondents reported that their voluntary turnover rate was less than 5%;
- 66% of respondents indicated they utilize a common merit review date system for their non-unionized employees; and
- 60% of respondents provide their executives with supplemental life insurance benefits and 40% provide executives with supplemental disability benefits.
The General Wage and Salary Report contains information reported by 223 employers from across the state, and includes data on 16,710 individual workers. The Executive Compensation Report contains information from 178 employers on executive compensation for 37 top management positions including CEO, CFO, COO, CTO, division general managers, and sales & marketing management positions.
For additional information about the surveys, or to place an order for the reports, visit www.aimnet.org or call 617-262-1180.