Not planning on merit raises this year or giving less than 2 percent? You are not alone. The average planned merit increase for next year is 1.85 percent, according to BLR’s 2010 Pay Budget Survey. More than 40 percent of respondents reported that they had planned on giving no merit increase at all in 2010.
2%
Even if you aren’t giving out merit increases you still should complete performance reviews and consider other ways to reward employees to ensure retention.
Your employees are valuable assets and if you don’t treat them as such they will leave once the economy improves- Bob Nelson’s book 101 Ways to Reward Employees is a good resource for non-monetary reward ideas.
Join the conversation- are you planning on merit increases in 2010?