More Companies Have Less For Employees

The recession is inspiring new efforts to control labor costs. According to a mid-December survey of 412 major U. S. companies by Sibson & Co., one-fourth have decided to reduce the salary increases for 1991 that they projected only three months earlier. Among those cutting back, average executive salary increases have been trimmed from 5.7% to 4.8%, while scheduled increases for other employees have now been lowered to 4.6% or 4.7% from a range of 5.2% to 5.4%.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.