Kansas City, Kan. -- The newly released Compensation Data – Texas annual survey of 289 companies found pay increase budgets are 3.59 percent for 2007 and are projected to increase to 3.63 in 2008. Texas pay increase budgets have varied over the last three years. They were 3.63 percent in 2006 and then, 3.48 percent in 2005.
Although the results show pay increase budgets for Texas are fluctuating slightly, this is not the case nationally. National pay increase budgets are on the rise and were 3.65 percent in 2007. When compared to the rest of the state, pay increase budgets were highest in Corpus Christi and Southern Texas, 3.78 percent and lowest in the Fort Worth area, 3.49 percent.
Texas pay increase budgets vary slightly by industry. Results showed organizations in the technology industry had the highest, 4.22 percent. The distribution/warehouse industry had the lowest with 3.26 percent, according to the results. Health care pay increase budgets were 3.45 percent in 2007.
"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 – Texas contains data on 513 job titles ranging from entry-level to top executives. Information was collected on more than 476,000 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 Odle at (800) 300-9570 or lodle[at]compdatasurveys.com.
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