FOR IMMEDIATE RELEASE Contact:
Melissa Papaleo
254-289-2056
People Report Announces Release of the 2004 Corporate
Compensation and Benefits Survey
Fewer Raises in
2003
Dallas – June 10, 2004 – Covering the critical
issues of compensation and benefits for corporate and field employees, the 2004
People Report’sTM Corporate
Compensation and Benefits Survey was released. This year’s results, the largest
report ever published, included data from 58 People Report member
concepts. The report includes 2003
results, as well as projections for 2004 and 2005.
Reflecting the economy and the
labor market, fewer employees at all levels of the organization received raises
in 2003 than in the previous year. That said, 84% of
corporate employees still received raises averaging 4.5%, while 73% of
restaurant managers received pay increases averaging 4.9%. The most significant
swing in compensation was observed at the unit level, where only 47% of
employees received a raise during 2003, vs. 58% during 2002. This occurred at a
time when employee turnover dropped to an overall all-time low of 101%*,
clearly illustrating the friendly labor market of last year.
In the executive suite, 67% of top
executives received raises averaging 6%.
CEO average base compensation increased slightly to $415,832.00. 69% of
the CEO group received incentive bonuses during the year, averaging
$346,875.00, a significant jump over 2002 bonuses.
Joni Thomas Doolin,
CEO of People Report, commented, “The continued and escalating pressures of
increases in health insurance and benefits costs, coupled with new challenges
to provide effective and motivating long term executive compensation, are
keeping industry operating and people officers alike up at night. This annual report to our members is a way
that we can help them stay on top of these issues, and understand where their
competition is headed.”
For the past eight years,
People Report has produced the Compensation and Benefits Survey, 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.
For more information about People Report 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 80 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.