Are benefits back?
Many employers plan to boost their benefits next year with partial 401(k) matches and salary increases for top performers, say reports from Towers Perrin and Watson Wyatt. As the economy improves, such moves are critical to retain talent, consultants say.
Companies understandably had to cut back on benefits when the economy headed south. And even with signs of recovery on the horizon, I’m not expecting mass restorations of generous perks, or even 401(k) matches. Yes, there’s a risk that they will alienate their best talent, but that fear is still trumped by the need to guard the balance sheet.
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Posted by Julie S. on December 11th, 2009 at 1:37 pm
Unfortunately, our company announced yesterday that we are not getting the pay decrease back they took in 2009 until at least July 2010, they are not giving any raises until at least July 2010, and they are not going to match 401k for 2009.
Posted by Peter Friedkin on December 11th, 2009 at 1:58 pm
No. There is talk of continuing the salary freeze another year and possible furloghs that would amount to a 10% pay cut.
Posted by Kim Woodruff on December 11th, 2009 at 2:34 pm
Not for us but I work for a non-profit so we will be late in doing most of these things. We are still cutting budgets here.