TITLE

Economic uptick won't generate salary hikes

AUTHOR(S)
Tita, Bob
PUB. DATE
October 2003
SOURCE
Crain's Chicago Business;10/27/2003, Vol. 26 Issue 43, p1
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The economy may be growing stronger, but salary hikes for Chicago, Illinois-area managers next year will be positively timid. Many firms have resorted to performance-based bonuses, stock options and increased contributions to pensions as alternatives to significantly raising base-pay levels. At large and small companies alike, raises are being stifled by the continued need to slash operating costs and by anxiety that signs of improving conditions could simply be a false positive. Gary Hansen, vice-president of human resources at Westell Technologies Inc., an Aurora, Illinois-based broadband products company, predicts that a lack of available jobs, combined with a glut of laid-off professional workers, will keep a lid on wage hikes and discourage employees from leaving, particularly in the telecom and technology industries. Robert Buchsbaum, CEO of Highland Park, Illinois-based art supply company Dick Blick Holdings Inc., says that companies can sow the seeds of discontent by basing compensation on goals that are often beyond an individual employee's control, especially in a soft economy.
ACCESSION #
11378719

 

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