Kansas City, Kan. -- The newly released Compensation Data – New England annual survey of 160 companies in Connecticut, Massachusetts, New Hampshire and Rhode Island found pay increase budgets are 3.53 percent for 2007 and are projected to stay the same in 2008. Pay increase budgets in the state have increased over the last three years. In 2006, pay increase budget were 3.46 percent and 3.33 in 2005.
While the results show pay increase budgets for New England are increasing, the same trend is seen nationally. National pay increase budgets were at 3.65 percent. When comparing areas of each, Connecticut pay increase budgets were highest in Eastern Connecticut, 3.64 percent. Massachusetts’s were highest in the Boston area at 3.75 percent, while New Hampshire’s were the most in the Portsmouth area at 3.76.
Pay increase budgets vary slightly by industry for all four states. Results showed technology had the highest, 4 percent. Not-for-profits had the lowest, 3.41 percent. Many have talked about hiring shortages in health care, and current pay increase budgets were reported at 3.44 percent.
"To attract and retain top performers, employers should ensure they’re offering a complete compensation package," said Amy Kaminski, manager of marketing programs for Compdata Surveys. "Because not all employees are motivated by routine raises, organizations should look to other methods to boost their compensation packages. These could include increased time off and the introduction of flexible schedules."
About the Survey
"Compdata Surveys offers pay and benefits data on 539 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 2007 – New England contains data on 495 job titles ranging from entry-level to top executives. Information was collected on more than 165,000 employees across the region. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2007. 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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