Kansas City, Kan. -- The newly released Compensation Data – Colorado/Utah annual survey of 105 companies found pay increase budgets are 3.70 percent for 2007 and are projected to be 3.67 percent in 2008. These numbers are up slightly from 2006 when they were 3.61 percent in both states. Over the last three years, these numbers have grown consistently.
National pay increase budgets were lower than those reported for both states at 3.65 percent. When comparing areas of each, Colorado pay increase budgets were highest in the Denver/Northern Colorado area, 3.59 percent, and Utah’s were highest in the Salt Lake City/Northern Utah area, 3.75 percent.
Pay increase budgets vary slightly by industry for Colorado and Utah. Results showed companies in technology had the highest, 4.07 percent. Distribution and warehouse companies had the lowest, 3.32 percent. Many have talked about hiring shortages in health care, and current pay increase budgets were reported at 3.55 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 – Colorado/Utah contains data on 456 job titles ranging from entry-level to top executives. Information was collected on more than 126,000 employees across both states. 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.
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