Hard to believe it but here we are again thinking about salary budgets for 2011. With the crazy year we had in 2010 it is hard to guess what companies will do with their merit increase budget. What impact if any should the improvement in the stock market, the change in the makeup of Washington, uncertainty with health care reform or the craziness happening in Asia have on business expectations for 2011. Don't we all wish we had a crystal ball.
My best advice is to make the decision that is right for your business but be sure you do some research on what other companies in your industry are doing. A potential source for salary information are surveys conducted by consulting firms, chamber of commerce's, and industry associations. One such survey was done recently by The Economic Research Institute and can be found at www.eerier.com
Lastly, no matter what your merit increase budget will be in 2011 be sure to communicate your plans to all employees. It is important that your employees understand what is taking place in the business.
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ReplyDeletegreat post ! social capital and provide guidelines in the area at various levels of operation.