Kansas City, Kan. -- The newly released Compensation Data – Missouri annual survey of 342 companies found pay increase budgets are 3.58 percent for 2007 and are projected to be 3.54 percent in 2008. These numbers have fluctuated over the last three years. In 2006, they were 3.46 percent and 3.5 percent in 2005.
Although the results show pay increase budgets for Missouri have changed little, national pay increase budgets were 3.65 percent in 2007. 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 Southeast Missouri, 3.72 percent.
Missouri pay increase budgets vary slightly by industry. Results showed real estate and construction organizations had the highest, 4.17 percent. Manufacturing had the lowest with 3.43 percent, according to the results. Current pay increase budgets for the health care industry have grown from 3.21 percent in 2006 to 3.47.
"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 – Missouri contains data on 521 job titles ranging from entry-level to top executives. Information was collected on more than 379,000 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, 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 Lyons at (800) 300-9570 or
llyons[at]compdatasurveys.com.
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