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The slumping economy has caused merit pay increases to decrease to 2.8%, down from the 3.71% expected in June. Cost of living increases are budgeted at around 1.2%, and higher among small businesses, states new data from Business and Legal Reports.
Merit increases remain the largest at companies with over 1,000 employees, hovering at around 3%, while cost-of-living increases are the largest at nonprofit companies.
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September is National Recovery Month. Is your workplace a supportive environment for people who need help with substance use disorders?
Employers are still planning to increase compensation but the figure has not been changing year over year.
Employers are still planning to increase compensation but the figure has not been changing year over year.
Anticipated merit increases are to remain relatively flat, while some experts say variable pay options like bonuses and cash rewards are gaining popularity.
In last month's column we detailed the three psychological states that benefits buyers find themselves in, especially the one you want to lead a buyer to – "satisfied." If you missed my last column, you may want to pick up a copy of the February issue of EBA or read the digital edition on the EBA website, eba.benefitnews.com.