NEW YORK, Nov. 21 /PRNewswire/ -- A survey of over 100 Fortune 500 and multi-national companies shows that bonus payments for 2008 and salary increases for 2009 are being rolled back or under active scrutiny in the U.S. "This move signals that companies are taking proactive steps to manage their cost base; as a consequence employees' discretionary income in 2009 is going to be less, which may impact spending behavior," explains Vincent McHugh, Managing Director of Empsight International.
Key survey findings for 2009 include:
-- 60.6% of companies plan a reduction in salary merit increases (from 3.6%
to 2.2% - Average)
-- 45.3% of companies expect bonuses for 2008 (for payout in 2009) to be
lower by as much as 20% to 25%
-- 19.5% of companies are considering salary freezes
-- 31.6% of companies are currently considering hiring freezes
-- Participants indicate plans are shaped by developments in the broader
economy, independent of a new political administration
Survey responses from the 115 participating companies capture their current actions as they finalize their compensation and staffing budgets for 2009, a process that is typically well advanced or even finalized by the month of November in most years.
The survey was conducted between October 30 - November 7, 2008 by Empsight International, LLC a compensation survey and consulting firm focused on Fortune 500 and large multi-national companies.
Full survey results available for download at http://www.empsight.com/spotsurvey.
Note to media:
Vincent McHugh vincent.mchugh.pr@empsight.com, and Jeremy Feinstein jeremy.feinstein.pr@empsight.com, Managing Directors of Empsight International, are available for interviews.
About Empsight:
Empsight International, LLC is a human resource consulting firm which helps employers make better decisions about their investment in people. Our primary focus is on conducting compensation surveys in niche markets (Law, Government Relations, Corporate Communications, Compliance, Audit, Risk, & Security), domestically and internationally. Our surveys are seen as definitive data reference sources in markets where such information is critical to maintaining competitiveness. Our clients are, predominantly, leading multinational corporations. Our Principals and staff have significant experience in consulting on compensation, organizational and human resource issues across multiple industry sectors.
For information about Empsight please visit http://www.empsight.com/
SOURCE Empsight International, LLC
For further information: Vincent McHugh, +1-203-550-7001, vincent.mchugh.pr@empsight.com, or Jeremy Feinstein, +1-212-683-7745, jeremy.feinstein.pr@empsight.com, Managing Directors of Empsight International
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