It seems, this year, many Americans are getting coal in their salary stockings. It's not surprising given the rough year most employers have had, but it is eye-opening once we realize how 2008 differs from years past.
Hewitt Associates surveyed 640 companies that together employ nearly 13.5 million and discovered that 50 percent of these companies are cutting back on labor costs. Anywhere from 7 to 10 million employees could be affected by the cuts, which include less generous pay raises than in years past. According to CNN Money, it's estimated the companies cutting back will give raises of less than 3 percent for the first time in the study's 32-year history.
A cost-of-living type raise isn't much to write home about, but it's better than nothing. Will your salary get a boost in 2009?
L'Autre Chose
Ben Sherman
Dessous
I work government so there are set steps. Each year we have reviews. As long as you "pass" your review, you move to the next step. I've never actually heard of anyone failing.
We usually get a 3% cost of living raise, too. Commission has to vote to renew that or not this year so that one is up in the air.
1I've only been here six months, so no.
2I don't know, but will find out next week - we find out about raises and bonuses on the 23rd. I am nervous!!
3i'm not sure, but i damn well hope so.
4I don't know yet . . .usually we are "supposed" to get the cost-of-living raise, which last year for me was super small bc I had only been here 3 months . .same with my bonus.
So I was really looking forward to getting my full "year" worth of cost-of-living raise and my full bonus, unfort our bonus is linked in part to company stock relative to our peers which is not good for us this last quarter. I got a raise back in July so I can't complain-that was bc of a promotion.
Unfort I have to wait until Feb to know all this.
5We always get a cost-of-living raise every year. No one really gets raises based on merit in our lab, which kind of sucks.
6Yes on raises and bonuses, though more modest in years past. Our company has been very financially prudent, so I'm lucky.
7I'm not positive that I'm not getting one but I'm not exactly counting on it either.
8No. I work for a hospital in NYC and with the governor's budget cuts affecting the healthcare system we've been hit hard. The CEO has held town meetings and layoffs have started. I hope my position is not affected.
9Working at an asset mangement company I'm just glad to still have my job, for starters. Luckily the company I'm at has been great about avoiding layoffs. I've received very generous raises for the past two years so I doubt I'll get much of anything in February when they are announced, but a cost of living raise would be appreciated. We shall see!
10Good Luck everyone that is expecting to hear next week. I will know at the end of next month. Fingers crossed.
11I got a pretty good raise so I'm grateful, but my bonus wasn't that great this year. Again, I grateful for getting a bonus at all in this economy.
12Ours is the same... cost of living raise every year. Too bad it's not a merit-based raise... I think I'd be making a lot more.
13I was surprised when I got my review today and my supervisor said that I was getting a raise, I had only been there for 6 months.
14cost of living raises and christmas bonusus are reserved for bankers and government officials in this country, so no i'm not expecting a penny for christmas. I'm just thankful for my job.
15well - the thing that upset me the most is that at my old agency, i thought that the raises i got were paltry, and they were MUCH MUCH more than what i got at my current job, and i'm making more than double here. it just doesn't make sense to me, and it's really really upsetting. my review was GREAT and i do more and more as the year goes on, yet they only gave me a 2% raise, which i don't even see because of taxes. i know that i shouldn't complain, but it's a but hard to deal with ya know? why should i do a great job if i don't get commended for it.
16I'm with you hippiecowgirl...I'm also due for a grade increase. Hopefully, I will get that too!
17We've already found out that yes we are... hallelujah! I was really nervous there for a while.
18We all already got our raise a few months ago.
19Not sure yet, I work in city gov. and we have steps too, but they have not given raises before. But I think that we will be ok this year.
20I already got my raise plus a bonus in November.
21I've only been there for 6 months but I got a 29% raise and a 10% bonus! What recession?
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