Next year, more than seven million Americans will see the lowest pay raises in 32 years, and that number is expected to rise as companies attempt to manage overhead costs in response to the economic crisis, according to a new survey by Hewitt Associates, a global human resources consulting and outsourcing company. But while base pay increases continue to decline, companies remain focused on attracting and retaining key employees by reserving a significant portion of their compensation budgets for variable-pay bonuses, or performance-based rewards that must be re-earned each year.
