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?