In coming weeks, a number of Fortune 500 companies are planning to cut merit
raises and conduct further layoffs as they continue to wrestle with the economic
downturn, according to recent polls conducted by the Corporate Executive
Board. As of mid-October, 30 percent of the 100 compensation and benefits executives
polled said they were planning to reduce their 2009 merit budgets, while 45
percent weren’t sure yet, according to a poll conducted by the Corporate
Executive Board, a Washington-based organization that provides best practices
information and support to member companies.
“Based on conversations since that poll was conducted, it would seem that
more companies have decided to reduce their merit budgets or get rid of merit
raises altogether,” said Michal Kislevitz, managing director at the Corporate
Executive Board. “Things are changing quickly.”
clipped from workforce.com
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