December 17, 2008 11:47 AM

Tough year for raises
Posted by Jesse Nunesat 11:47 AM

Counting on that annual pay raise to surprise the family with a new swimming pool this Christmas?

Well, if you didn't learn that this plan isn't such a good idea from National Lampoon's Christmas Vacation, then perhaps this will do it:

New survey results show that you shouldn't expect a hefty raise next year.

Although it may come as no surprise to those who have been following the dismal economic news over the past few months, a survey by HR consulting firm Hewitt Associates shows that in the coming year, more than 7 million Americans will see the lowest pay raises in 32 years. Hewitt expects the base salary increases for all employee groups to drop below 3 percent for the first time since the company began tracking the data in 1976.

The survey of 640 large companies indicated that half of them plan to "make significant changes to their base salary spending in 2009," while another quarter are considering doing so.

Here is a breakdown of what industries are expected to be impacted the most, from the press release of the survey results:

The automotive industry is expected to dole out the lowest pay increases next year, with salaried exempt and salaried nonexempt employees averaging 1.4 percent, down from 3.5 percent as originally projected in July. Pay raises for automotive industry executives are projected to be 1.3 percent, down from 4.0 percent.

Employees in the education and the banking/finance industries will also see lower-than-average increases next year. Salaried exempt employees in education can expect to see pay raises of 2.3 percent in 2009, down from 3.5 percent in July. Pay increases for employees in the banking and finance industries will be 2.9 percent for salaried exempts next year, compared to 3.9 percent.

Industries that will continue to see above-average salary increases in 2009 include construction/engineering (4.5 percent), research and development (4.0 percent) and pharmaceutical (3.9 percent).

So, if you find yourself in one of the job categories that expects a steep decline in pay raises, perhaps you can vent your frustrations with Clark Griswold around the egg nog table.

Of course, you could also remember that there are many out there who don't even have a job right now. So if you are gainfully employed, there are things to be thankful for. Plus, there are always passes available at the community pool.