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MAPI recently polled its member financial officers to ask about their outlook for salaries, compensation and pension benefits. For more information, contact Kate Sims at 703-647-5135 or via email.
The average merit increase was approximately 3.0% for 2009, and 2.8% for 2010. In write-in comments, several members told us that they're taking a "wait and see" approach towards 2010.
In write-in comments, several members told us that furloughs and pay cuts were rarely done across the board. In many cases, high growth business units didn't have any furloughs, while other businesses particularly hard hit by the recession did. According to one member, "We did not have a companywide initiative, but some of our business units did implement furloughs. The ones that did resulted in an effective reduction in pay of approximately 10%."
30% of respondents eliminated or reduced their 401k match in 2009. While many are considering reinstating the match at least partially, that hinges upon the company meeting key financial targets first.
That said, for most 2010 will not mark a return to business as usual. According to one respondent, "We are considering future increases to 401k match, particularly if pension benefits are
reduced in the future. A change would be cost neutral."
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