Monthly Archives: December 2010
NEW YORK, NY /PRNewswire/ A survey conducted in November/ December by Empsight International, LLC, of 142 Fortune 500 and Large Multinational corporations regarding forecasts of 2011 salary Merit Increases, Bonus Payouts, and Hiring, suggests cautious optimism.
Hiring expectations showed a significant improvement over 2009, with 39% of companies expecting headcount increases of 1% to 5%, and 18% expecting reductions of the same amount. The corresponding figures in last year’s edition of the survey were 21% and 26%. Retail, Professional Services and Technology companies showed the strongest hiring forecasts. The greatest impediments to Hiring were seen as:
– The Broader Economic Outlook (49% of responses)
– Level of Demand for Company Products and Services (36% of responses)
– Government Regulations (8% of responses)
– Health Care Costs (7% of responses)
“While there is an active societal debate on Health Care, this survey shows economic fundamentals are a more significant driver of hiring decisions,” stated Vincent McHugh, Managing Director of Empsight International, LLC.
Survey numbers, which are detailed in the link below, show salary Merit Budgets forecasted at 3.0% at Median, compared to 2.6% in the same survey in 2009. The number of companies planning Merit increases was 98% of the total compared with 94% in last year’s edition of the survey. Of the 11 Industry group breakouts, the Oil/Gas/Services industry group recorded the highest Average Merit Increase, at 3.24%, while the Insurance industry the lowest at 2.37%.
78% of companies expect to pay Annual Cash Bonuses at the same or higher levels than last year, with 27%, at the executive level, expecting payouts Somewhat or Significantly Higher. 90% of companies expected their Long Term Incentive awards to be About the Same or Somewhat Higher.
Employee Retention, Employee Morale, Cost of Benefits, Compensation Competitiveness, and Managerial Skill Levels continue to register as Somewhat to Very Significant Concerns for companies. These factors will increase in importance if there is significant growth in the economy.
The survey was conducted between November 18 – December 8, 2010 by Empsight International, LLC a compensation survey and consulting firm focused on Fortune 500 and large multi-national companies.
Full survey results available for download at http://www.empsight.com/spotsurveyresults.
Note to media:
Vincent McHugh firstname.lastname@example.org (212-537-0187), and Jeremy Feinstein email@example.com (212-683-7745), Managing Directors of Empsight International, are available for interviews.
Empsight International, LLC is a human resource consulting firm which helps employers make better decisions about their investment in people. Our primary focus is on conducting compensation surveys in niche markets (Law, Government Relations, Corporate Communications, Compliance, Audit, Risk, Security, HR, and Executive Administrative Support), domestically and internationally. Our surveys are seen as definitive data reference sources in markets where such information is critical to maintaining competitiveness. Our clients are, predominantly, leading multinational corporations. Our Principals and staff have significant experience in consulting on compensation, organizational and human resource issues across multiple industry sectors.
For information about Empsight please visit http://www.empsight.com/.
SOURCE Empsight International, LLC
Web Site: http://www.empsight.com
The ‘Job Offers Rising as Economy Warms Up’ article from the Wall Street Journal linked below has some good numbers and interesting perspectives (no, no one is sure what it all means).
HOWEVER, the article has a consistent theme: education matters. Being tech-friendly and having higher skills matters.
Those areas that are trending towards job growth generally require a four year degree and recent experience functioning at a high level of expertise.
College students being recruited are at the upper end of their classes.