Pay increases during 2004 are expected to be at an average of 3.4% (median 3.3%), according to research by consultants Watson Wyatt.
Actual average pay rises during 2003 at the 118 companies included in Watson Wyatt’s 2004 Salary Budget Survey Report were also reported as 3.4%. These ranged from 3.8% for directors and senior managers down to 3.4% to managers, professionals and supervisory staff, and 3.3% for clerical staff.
A similar pattern is expected in 2004, with companies projecting rises for directors and senior managers at 3.5%, for managers, professionals and supervisory staff at 3.4%, and at 3.3% for clerical positions.
“Pay rises are expected to remain close to actual 2003 increases in most industry sectors, though slightly higher in financial services,” said Philip Hough, a senior consultant at Watson Wyatt.
