How the Economy May Affect Your Salary in 2009

With the start of the New Year, employers will be finalizing their salary budgets for 2009. Many survey vendors collected, compiled and analyzed data regarding merit increases for 2009 and reported that merit budgets for 2009 were on track to remain consistent with previous years' averaging at around the 3.5% mark.

As more economic turmoil surfaced toward year end, some organizations took a new look at merit budget plans for 2009 as we discussed in the article Pay Increases in 2009 May Disappoint Workers in our December 30th newsletter. Most employers are being cautious, preparing for long-term economic difficulty and keeping their options open for 2009.

So what does this mean for employees?