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Highs & Lows of a Net Business
In our recent survey to readers of my ezine, The Joy Letter, I was asked to provide a timeline of the ups and downs in building my motivational website, ( www.howmuchjoy.com ). Ah … where to begin? There have been definite highs and lows in my...
Increasing Event Attendance
Increasing event attendance is generally the biggest challenge facing meeting and event planners. Many people think that if they plan a fantastic event, people will just come. This does not happen, not on its own. In fact, this can be confusing...
Speaking Body Language
I observed an almost surreal event when I was a business student. At the front of the classroom, an entrepreneur was practicing a pitch he would make later to venture capital firms. Specifically, he was talking about a technology his firm had...
SWOT Analysis Is No Magic 8 Ball
Think of a SWOT Analysis as a checkup for your business.
Q: A key investor in my business has suggested that I hire a consultant to do a SWOT Analysis to help plan for the future. I try not to argue with my investors, but I'm not so sure I...
Understanding the Different Methods of Online Promotion
Did you realize there are only three types of online promotion?... This statement may seem odd and even untrue in your mind, but I am speaking in more general terms than you might be thinking.
Let me explain.
The three types of promotion...
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Compensation Resources, Inc. Releases Its 2005 Year-End Compensation Survey
Upper Saddle River, N.J. - November 2005 - Compensation
Resources, Inc. (CRI) has released the results of its 2005
Year-End Compensation Survey. The purpose of this study was to
obtain compensation data used for trending and planning purposes
at companies of all sizes and shapes. Data was compiled from
survey questions that were developed by CRI and distributed to
companies in 16 industrial classifications, in addition to
Not-for-Profit organizations. The survey sampled year-end
compensation data from a variety of organizations, collected in
October and November 2005.
Results indicated that the average merit/salary increase for all
employee functional groups was 4.0% in 2005, and 4.2% is the
average projected merit/salary increase for all groups in 2006,
an increase over 2004 year-end survey results. Generally
speaking, Privately-Held companies reported higher percentages
of actual 2005 and budgeted 2006 merit increases overall as
compared to Publicly-Traded and Not-For-Profit organizations. As
reported in 2004, survey participants indicated that they
expected the number of layoffs, hiring freezes, and salary
freezes to decrease from 2004 to 2005; in fact, projections were
accurate, as respondents in this year's survey reported actual
decreases in these corporate events.
Highlights of this year's results, including a comparison with
the prior year's findings:
MERIT/SALARY INCREASE 2004 Results 2005 Results Group Actual
2004 Projected 2005 Actual 2005 Projected 2006 Executive 4.3%
4.3% 4.5% 5.1% Management 3.8% 3.8% 4.1% 4.4% Exempt Salaried
3.6% 3.7% 4.1% 4.0% Non-Exempt Salaried 3.5% 3.6% 3.6% 3.7%
Hourly/Production 3.5% 3.5% 3.8% 3.8% All Groups Average 3.7%
3.8% 4.0% 4.2%
These results reflect a general rise in merit increase budgets
and awards, consistent with the upward swing in the marketplace
with regard to labor conditions. Consistent with these findings
is the general expectancy of the following corporate events
among participants (including a comparison with the prior year's
findings): ACTION EXPERIENCED 2004 Results 2005 Results Action
Actual 2004 Projected 2005 Actual 2005 Projected 2006 Layoffs
28.8% 13.5% 20.1% 11.4% Hiring Freezes 19.8% 9.0% 14.8% 6.7%
Salary Freezes 7.2% 2.7% 9.4% 4.7% Cutbacks in pay 0.0% 0.0%
3.4% 1.3% Staffing Increases 46.8% 45.0% 50.3% 47.7%
Results indicated that target awards for Short-Term Incentive
Plans are much higher in Publicly-Traded companies as opposed to
Privately-Held companies and Not-for-Profit companies. Results
also revealed that target awards as a percentage of base salary
increase as revenues increase. Overall, in terms of
Long-Term
Incentive Plans, respondents report a general prevalence of
cash-based plans within their companies; however, Non-Qualified
Stock Options are the most commonly provided equity award in
Publicly-Traded companies. Stock Appreciation Rights continue to
be the least commonly used Long-Term Incentive Plan. In terms of
the Compensation Package Mix, base salary remains the largest
percentage of the mix among Privately-Held and Not-for-Profit
organizations, followed by Annual Bonus/Incentives and Long-Term
Incentives. On the other hand, there is an increased emphasis on
Annual Bonus/Incentives and Long-Term Incentives among
Publicly-Traded companies, particularly at the senior management
and executive levels, since equity in the form of stock is a
readily available commodity within these organizations.
Determining pay strategies can be a very difficult and tedious
task; therefore, CRI recommends companies consider the following
approaches:
Ø understand your employees' perceptions about the total
compensation package your company provides; Ø measure the
distinct value of the reward to employee commitment and the
organization; and Ø communicate to your employees about the
business and the financial impacts of their rewards.
It is also important to remember that the total compensation
package is not just about pay, it is also about the work
culture, hours, benefits, career development, and promotional
increases and how they balance with the employee's life outside
the organization.
Compensation Resources, Inc. (CRI) provides compensation and
human resource consulting to a broad range of companies
including start-up, emerging, and middle market companies. CRI
specializes in Executive Compensation, Board Advisory Services,
Salary Administration, Performance Management, Salary
Administration, Sales Compensation, and Expert Witness services.
For more information on our consulting services, please contact
us at (201) 934-0505 or visit our website at
www.compensationresources.com. If you would like to order the
complete report of the 2005 Year-End Compensation Survey, please
contact Andrew Sellers at 877-934-0505 x115 or order online.
About the author:
Compensation Resources, Inc. (CRI) provides compensation and
human resource consulting to mid-size and Fortune 500 clients as
well as public, private, family and emerging companies. CRI
specializes in Executive Compensation, Salary Administration,
Performance Management, Sales and Incentive Compensation,
Intermediate Sanctions, Board Advisory Services, and Expert
Witness Services. Our reference library boasts over 5,000
surveys.
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