Kansas City, Kan. -- The newly released Compensation Data – New York annual survey of 205 companies found pay increase budgets are 3.56 percent for 2008 and are projected to be 3.53 percent in 2009. These numbers have changed little from 2007 when they were 3.54 percent. Over the last three years, there has been no statistically significant difference in reported pay increase budgets for the state.
Although the results show pay increase budgets for New York have remained stagnate, this trend is also seen nationally. National pay increase budgets were 3.60 percent in 2008. And while this number is higher than the state average, the difference between the two is relatively small. When compared to the rest of the state, pay increase budgets were highest in Long Island and lowest in the Syracuse area.
New York pay increase budgets vary slightly by industry. Results showed the financial services industry had the highest, 3.82 percent. Services and manufacturing followed with 3.73 and 3.56 percent, respectively. In contrast, healthcare had low pay increase budgets at 3.30 percent, according to the results.
“There has been a prevalent trend towards stagnant pay increases for several years,” said Amy Kaminski, manager of marketing programs for Compdata Surveys. “With predictions of a recession looming, companies should carefully consider how competitive their total compensation packages are. Employers are facing workforce shortages in many industries and should work to create a balanced compensation plan for their company to aid in retention of current employees.”
About the Survey
“Compdata Surveys offers pay and benefits data on 637 job titles for organizations across the country,” said Kaminski. “The results allow users to compare data by company size, industry and geographic region allowing customers to find information best fitting their needs.”
Compensation Data 2008 – New York contains data on 572 job titles ranging from entry-level to top executives. Information was collected on more than 454,000 employees across the state. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2008. Compdata Surveys, www.compdatasurveys.com, has been providing accurate, reliable data at affordable prices since 1988. For further information about the compensation and benefits surveys, contact Lane Odle at (800) 300-9570 or lodle[at]compdatasurveys.com.
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