New York Pay Increase Budgets Remain Consistent in 2007

The newly released Compensation Data ñ New York annual survey of 211 companies found pay increase budgets are 3.54 percent for 2007 and are projected to be 3.48 percent in 2008. Pay increase budgets were the same, 3.54 percent, in 2006. From 2005 to 2006, there was a small increase as pay increase budgets were 3.42 percent.

Although the results show pay increase budgets for New York have stayed the same, this is not the case nationally. National pay increase budgets were 3.65 percent in 2007. When compared to the rest of the state, pay increase budgets were highest in the Central Hudson Valley, 3.91 percent and lowest in New York City, 3.43 percent.

New York pay increase budgets vary slightly by industry. Results showed not-for-profits had the highest pay increase budgets, 3.81 percent. Healthcare had the lowest with 3.19 percent, according to the results.

To attract and retain top performers, employers should ensure theyíre offering a complete compensation package, said Amy Kaminski, manager of marketing programs for Compdata Surveys. Because not all employees are motivated by routine raises, organizations should look to other methods to boost their compensation packages. These could include increased time off and the introduction of flexible schedules.