Compensation Firm: 2013 Raises To Be Modest
Companies' budgets for 2013 salary increases remain "modest," according to a recent poll by compensation consultancy Pearl Meyer & Partners, which has a Southborough office.
The survey of 150 compensation and human resources practitioners found an average salary increase budget of 3 percent.
"Given the tepid economic recovery and a threatened fiscal cliff, the 'new normal' appears to be very modest salary increase budgets, more use of variable pay, and compensation dollars focused on key roles, functions and high performers," said Jim Hudner, managing director of Pearl Meyer.
The survey found that 65 percent of companies are looking to target raises toward critical positions in 2013, compared with 50 percent in 2011.
"Targeting more aggressive competitive levels of pay for critical functions and role is another way to help maximize limited compensation dollars," Hudner said.
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