FIN SURVEY

More than three quarters of FIN Survey participants reported their company did not give pay raises in 2009.

In contrast, a year ago two-thirds of companies reported raises during 2008. And more than three quarters gave raises in 2007.

There were exceptions in 2009 as 16.9% gave raises ranging from 1% to 5%; 1.2% upped pay between 6% and 9% and 3.6% reported raises of 10% or more.

One FIN Survey participant pointed out that the raw numbers don’t tell the full story about real income being down.

“Although our pay rates may have increased 3% to 5% in 2009, our overtime was essentially eliminated so our people earned less,” the respondent explained.

“Also our performance bonuses were decreased due to decreased profits. So overall, gross pay was down 20% for hourly people 10% to 25% for salary people.”

For 2010 nearly three/fifths of companies do not anticipate raising pay. And no FIN Survey respondents project raises above 10%.

A total of 59% foresee pay unchanged in 2010, while 37.3% are planning 1% to 5% raises; 3.6% increases between 6% and 9%. ©2010 GlobalFastenerNews.com