FOR IMMEDIATE RELEASE Contact:
Melissa Papaleo
254-289-2056
People Report Releases 2005 Corporate Compensation and
Benefits Survey
Reveals Increase
in Base Pay at Every Level of the Corporation
Dallas
– May 11, 2005 – More employees received pay raises in 2004 than in
the previous two years, according to the 2005 Corporate Compensation and
Benefits Survey now available from People ReportTM. The overwhelming majority of
corporate employees--93.2%-- received raises in 2004, an 8.8% increase from
2003, with increases averaging 4.4%. This trend of increased pay seems to herald
the tightening labor market and more intense competition for employees.
Covering the critical issues of compensation and benefits for corporate and field employees, the 2005 People Report Corporate Compensation and Benefits Survey is the largest report ever published, and includes data from 64 People Report member concepts, representing many of the largest foodservice chains in the industry. The report includes 2004 results, as well as projections for 2005 and 2006.
The percentage of restaurant
employees receiving a base pay increase at the unit operating level improved
significantly: 80% of restaurant
managers received pay increases, 7% more than 2003; 61.1% of restaurant
employees received a base pay increase, 14.1% more than 2003. The average merit increase for a manager was
4.7%, a slight increase over 2003.
In the executive suite, 87.5% of top executives received raises, an 18.9% increase from 2003, with raises averaging 5.9%. Also, 96% of directors received base pay increases in 2004.
“The labor market is clearly heating up and it appears that companies are responding by compensating their employees at higher rates. People Report’s Corporate Compensation and Benefits Report is a strong indicator of early reaction to an increasingly competitive marketplace. ” says Joni Thomas Doolin, founder and chief executive officer of People Report.
Now in its ninth year, the Compensation and Benefits Survey is an in-depth analysis and comparison of corporate compensation and benefits practices. Subjects covered in the report include performance review processes, corporate turnover, bonus programs, vacation programs, medical plans, 401K/pension/stock option plans, severance pay plans and effectiveness ratings of current plans. The report is made available to People Report members.
For
more information about People Report or the 2005 Compensation and Benefits
Survey contact Melissa Papaleo at 972-364-0490, Melissa@peoplereport.com
or visit www.peoplereport.com.
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People
Report™ is the foremost provider of workforce metrics, benchmarks, trends and
best people practices for the foodservice industry. With more than 85 member
companies, the mission of People Report is to be the catalyst for service
companies seeking to balance people and profits. Services include quarterly and
annual reports for its members that track, analyze and benchmark the people
side of the P&L. In addition to its member only reports, People Report
conducts broad national research on the service sector workforce of today and
tomorrow, including demographics, compensation & benefit information,
recruiting and training practices, turnover costs and solutions and more. Visit
the experts on current and future HR trends for the foodservice industry at www.peoplereport.com to download and
order reports, find a speaker, as well as learn more about membership.