Number of Companies Planning to Reverse Salary, Hiring Freezes Jumps Sharply
Approximately half of the companies that froze salaries and hiring in the past year now plan to unfreeze them in the next six months, according to the latest update to an ongoing series of surveys by Watson Wyatt, a global consulting firm. Nevertheless, employers remain concerned about their ability, both currently and in the long run, to attract and retain critical-skill employees. Other findings from the survey include:
Thirty-seven percent of companies think their results have already bottomed out, compared to 27 percent in August.
For companies expecting to reinstate their 401(k) or 403(b) match, 70 percent will change it back to the original level. Thirteen percent will reinstate the match at a new, lower level, while 17 percent will vary it by year, based on company profits.
For companies expecting to make offers to new hires, 83 percent will do so for professional, non-managerial staff, followed by 71 percent for director, manager or middle management positions. Only 47 percent will be hiring for senior management or executive level positions.
Only 37 percent of employers plan to organize a holiday party in 2009, compared with 47 percent that organized one in 2008 and 70 percent in 2007. Two in five (41 percent) that are planning a holiday party have seen their budgets decrease.
CIOs' Job Satisfaction Increases Despite Recession
Despite having to cope with massive budget cuts, salary freezes and demoralized staffs, most employed IT executives are more satisfied with their jobs this year than they have been in previous years, according to the results of a job satisfaction survey conducted by ExecuNet. Nearly two-thirds (64 percent) of the 306 IT executives who responded to the survey said they were satisfied with their jobs. That's an 11 percent increase over 2008, when 286 IT leaders responded to the survey. In 2007, only 41 percent of IT executives reported being happy with their jobs even though the economy was arguably much stronger then than it is now.
IT executives cited work they enjoy (checked by 13 percent), a good relationship with their bosses (12.5 percent), and a comfy fit with their employers (10.2 percent) as the primary reasons for job satisfaction. Among the 36 percent of IT leaders who indicated that they aren't happy with their jobs, their top reasons were limited advancement opportunities (noted by 14 percent), compensation (11.3 percent) and lack of challenge (10 percent). Source: CIO Magazine
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