For more information, contact:
Michelle Willis
(800) 300-9570
[email protected]
Kansas City, Kan.— September 8, 2011 — Although the economy is still struggling to make significant strides towards recovery, small improvements are starting to become more evident. The 2011 Compensation Data Hospitality results found pay increase budgets increased to 2.4 percent in 2011, up from 1.9 percent in 2010. Pay increase budgets are expected to continue slowly increasing in 2012 to 2.6 percent.
“There appears to be a level of cautious optimism within the industry in regard to the economy,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation’s leading pay and benefit survey data provider. “Employers are taking a conservative approach, and we expect only a gradual increase over the next few years.”
Companies use pay increase budgets to make a number of different increases to their employees’ salaries. Eighty-two percent of hospitality organizations are allocating a portion of their budget to make merit increases. More than 30 percent are offering promotional increases, while 21.6 percent are making market adjustments. Only nine percent of survey respondents are utilizing their pay increase budget for cost of living adjustments.
The rate at which these increases are used varies by industry. Merit increases, for example, are being offered at casinos at a rate of 79.4 percent, while 78.8 percent of restaurants are using them. Merit increases are being offered at hotels at a rate of 69.2 percent. The average merit increase budget reported in 2011 was 2.5 percent, with hospitality employers projecting a slight increase to 2.6 percent in 2012.
About the Survey
Compensation Data 2011 Hospitality surveyed nearly 100 industry-specific job titles and 350 benchmark titles ranging from entry-level to top executives. Data was collected from nearly 200 hospitality employers reporting on more than 2,500 locations across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of March 1, 2011.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about their compensation and benefit surveys, contact Michelle Willis at (800) 300-9570.