Kansas City, Kan. -- The newly released Compensation Data – Maryland/Virginia annual survey of 260 companies found pay increase budgets are 3.67 percent for 2007 and are projected to decrease to 3.64 in 2008 for Virginia. Pay increase budgets in the state have been consistent over the last three years. In 2006, the pay increase budget was 3.66 percent and 3.65 in 2005.
Although the results show pay increase budgets for Virginia have remained steady, they are increasing nationally. National pay increase budgets were 3.65 percent in 2007. When compared to the rest of the state, pay increase budgets were highest in Richmond, 3.85 percent and lowest in Southwest Virginia, 3.21 percent.
Virginia pay increase budgets vary slightly by industry. Results showed utilities had the highest pay increase budgets, 4.48 percent. The healthcare industry had the lowest with 3.39 percent, according to the results.
"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 – Maryland/Virginia contains data on 504 job titles ranging from entry-level to top executives. Information was collected on more than 381,000 employees across the 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. 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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