With the economy showing some signs of improvement, U.S. companies are planning to issue modestly larger pay raises to their workers next year. Employees can also expect to receive larger annual bonuses this year as organizations return to profitability, according to two new surveys conducted by global professional services company Towers Watson (NYSE, NASDAQ: TW).
A survey of 1,046 U.S. companies conducted by Towers Watson Data Services found that companies are projecting merit increases of 2.7% for 2011, an increase from the 2.3% raise workers are receiving this year and 1.6% they received in 2009. The survey also found that the number of companies freezing salaries is declining. While 32% of companies froze salaries in 2009, the percentage decreased to 12% in 2010 and is expected to drop to only 5% in 2011.
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