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U.S. Master™ Wage-Hour Guide, 2007 Edition
Presents a first approach to the Fair Labor Standards Act (FLSA), summarizing
the basic legislation, demonstrating how the rules apply to particular
employment situations, and exploring practical aspects of employment arrangements
in light of the federal wage and hour law.
Salary increase budgets average 3.80 percent in 2008 across non-exempt, exempt and executive employee categories, while salary increase budgets for non-exempt hourly employees come in lower at 3.70 percent, The Conference Board reports. For 2009, the median budget for salary increases is projected to be 3.75 percent for both non-exempt salaried and hourly employees. The median salary increase budget projections for exempt and executive employees are higher at 3.80 percent for exempt and 3.90 percent for executives.
The information for this report was gathered from over 350 companies surveyed in April and May of 2008. Among the 250 companies that responded both last year and this year, some 35 percent report lower actual 2008 salary increase budgets than they projected last year for executives and exempt employees.
"Companies are responding to a sluggish economy by remaining disciplined on labor cost increases," says Charles Peck, Compensation Specialist with The Conference Board. "They are aided in this resolve by moderate inflation." The Conference Board currently projects a 2.7 percent rise in inflation for 2008 and 3.4 percent for 2009. This means the typical employer is budgeting for salary increases just slightly ahead of inflation in 2009.
Across industry categories, Diversified Financial Services reported the highest increases in 2008 for all employee categories, while Trade reported the lowest. The highest projected increase for 2009 was reported by Consulting Services, while Trade was again the lowest.
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