Mercer Consulting reported results of its recent Snapshot Survey, where more than 1,000 organizations in the first two weeks of November told about the challenges they face as a result of the current economic turmoil.
Despite all the bad news, according to Mercer, most appear to be “refraining from taking drastic actions.”Here are a few benchmarks:
- Nearly three-quarters of respondents say they are somewhat or very likely to reduce their 2009 pay increase budgets, but far fewer are somewhat or very likely to freeze salaries across the organization. Nearly two-thirds are not planning to reduce work forces by “significant levels.”
- On the benefits question, employers plan to look at how their plans and costs are being affected, and may increase employee contributes or an emphasis on wellness programs. But 84% are not likely to eliminate benefit programs, and few said they will reduce defined plan contributions.
- Mercer reported that employees are “very concerned”about the economic turmoil, and are most worried about retirement plan investments.
