Human-resource consultants Watson Wyatt Worldwide Inc. and Hay Group estimate that median pay raises for 2009 ranged between 2% and 3%. The U.S. Labor Department says pay for the average worker increased 2.2% in the year ended March 31, down from 3.2% in the year-earlier 12-month period.
For next year, the firms are projecting slightly bigger raises of 3%. The Hay Group reports that it is the smallest increase in the 29 years it has done its survey and Watson Wyatt says its prediction is among its smallest ever. The Watson Wyatt and Hay Group surveys try to cover a broad range of workers, including both salaried and hourly employees in most industries.