Contractor Execs Can Expect Better Pay Raises in 2005
Contractors are planning to award average salary increases of 4.05% to executive-level employees in 2005, according to a survey of 2,835 individuals in 18 executive level positions within 270 contracting firms. The study was performed by PAS Inc., a Saline, Mich.-based construction compensation consultant. "This shows that contractors are starting to pay more attention to compensation," says Jeffrey M. Robinson, president of PAS. He adds that 2005 should follow past years where actual year-end raises end up an average of about 0.5% higher than current contractor predictions.
Bonus levels, on the other hand, appear to be stable, says Robinson. But he notes that more contractors plan to give bonuses this year after an earlier contraction in bonuses during the downturn.