Fewer Companies Give Pay Raises
April 08
00:00
2003
Fewer Companies Give Pay Raises
John Wolz
With a blurry sales and profits picture, the percentage of fastener companies giving pay increases fell from two-thirds in 2001 to 57.8% in 2002.
And the 2002 average pay increase dropped to 4.1% from 4.7% for 2001. The peak was 5.6% in 1999.
At 35.6% the percentage planning raises during 2003 is not far off the projection of a year ago, but the percentage of �Not sure/No response� category rose to 37% from 28.4% a year ago.
Manufacturers giving pay raises during 2002 averaged only 3.7%, compared with 4.7% from distributors. Pay Raise Percentage
\ �2003 FastenerNews.com
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