With busy season over many firms now begin the process of annual performance and salary reviews. For employees this time of the year is filled with anticipation, expectation and even frustration.
Gone are the boom times of 2003-2008 when employees received annual increases of 7-10% year over year. For most, there were no salary increases at all in 2009 - in fact some firms had across the board pay cuts. Last year was a year to focus on firm survival. It seems those reductions have paid off as Profit Per Partner was up 16% in the last year. That has many employees wondering, "Where's my raise?".
It will be important for firms to get back into the business of giving 'normal' salary increases. So what's normal? Though it is still early in the process, my gut is that we will see an average salary increase of 3-4% this year. Still nowhere near the double digit increases we saw at the peak.
On May 26th, the results of the annual MAP committee compensation and benefits will be revealed. The results are a compilation of the information from 60+ firms in Los Angeles and range from small firms to Regional firms.
The survey covers information on planned increases for every level of position in a CPA or Business Management firm as well as trends on benefits.
If you would like information on what firms are planning for 2010, please email me and I will share the info next week.
I am also happy to provide a free and confidential analysis of your current salary and market value.
Email me for more information.
No comments:
Post a Comment