Summary
Employers are making major changes in wages, benefits and hiring in response to the ongoing economic slowdown, according to a March survey from the Hay Group. More than 30% of companies are freezing or considering freezing base salaries, and 15% have frozen salaries for all employees. The key question now is whether rising unemployment has sparked sufficient levels of job insecurity to keep employees on the job as their pay and benefit packages shrink. At this stage of the downturn, employees are still more concerned about inflation than potential job loss, according to a new survey from Pew Research. Across all income groups, rising prices are a more pressing issue than employment growth.
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Extract
Revising the Salary Budget
EMPLOYERS ARE making major changes in wages, benefits and hiring in response to the ongoin...
See the full content of this document
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