Despite speculation that salaries in 2010 may be lower than 2000, next year's paycheck is probably safe. That is according to a recent study that shows that employers don't expect to make major changes to next year's salary budgets.
So how are our checks safe despite the dangerous economic climate and tightening of corporate budgets? Most salary budgets for next year were mapped out in April. Unfortunately, the same study found employers do plan to slim workforces, cut back on hiring, and minimize bonus payouts.
Earlier this month, the New York firm looked at 2009 salary-budget projections for 190 midsize and large US firms with a total of 2.8 million employees and average annual revenue of $5 billion. The majority — 58 percent — said they haven't changed their budget projections from April; 24 percent said they have, but plan to reduce their budgets by only one-half of a percentage point. Surprisingly, 18 percent said they expect to increase their budgets from the Spring by one-tenth of a percentage point.
Do you expect your paycheck will be reduced, stay the same, or see a healthy growth?