2008 Salary Increases Expected to Average 3.9% - On Par with 2007 and Inflation
If you expect a large raise to help you get ahead in 2008, consider yourself in the minority, as according to a recent study, the average increase for 2008 is only expected to be 3.9%.
When you compare this to recent inflation figures, around 3-4%, then this average increase is nothing more than a cost-of-living adjustment.
High-achievers can expect a greater proportion of the increase, perhaps up to 8%, whereas those with lower performance evaluations may get only 1% or 2%.
Instead of increasing salary rates, more companies are going to pay-for-performance plans. These plans reward employees when individual and company goals are reached.
Executives are also expected to gain a greater share of the increases than the rank-and-file.
For more information on the study, click here.
For many folks, the only way to really get ahead is to start their own business. If you'd like to learn more about how this may be possible or if you'd like to find a career that suits your passions, I recommend this resource from 48Days.com.
When you compare this to recent inflation figures, around 3-4%, then this average increase is nothing more than a cost-of-living adjustment.
High-achievers can expect a greater proportion of the increase, perhaps up to 8%, whereas those with lower performance evaluations may get only 1% or 2%.
Instead of increasing salary rates, more companies are going to pay-for-performance plans. These plans reward employees when individual and company goals are reached.
Executives are also expected to gain a greater share of the increases than the rank-and-file.
For more information on the study, click here.
For many folks, the only way to really get ahead is to start their own business. If you'd like to learn more about how this may be possible or if you'd like to find a career that suits your passions, I recommend this resource from 48Days.com.
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