Pay Raises Are the Worst in 33 Years
by Mohamed Bhimji on August 12, 2009
in Random Madness
Not a title of my own choosing, but an article I just recently read in Time magazine.
Yes, it’s true, we’re in a recession, and nearly 1 in 10 workers is unemployed. There are plenty of people willing to work for less money. But in other recent recessions salary growth hasn’t slowed this much. Going back to the early 1990s, base salaries never increased by less than 3.4% a year, according to Hewitt, which polled 1,156 large companies to get its latest data. Companies desperate to slash costs are turning to worker salaries more deliberately than they have in the past. Some 48% of companies have frozen salaries this year, compared to just 2% last year.
Here is the link to the article – Pay Raises Are the Worst in 33 Years.
