HR professionals are receiving bigger salaries and higher bonuses but are working longer hours.
The Annual Croner Reward and Chartered Institute of Personnel and Development (CIPD) 2008 reward survey of more than 5700 HR professionals shows that salaries within the industry increased by an average of 3.25% in 2008. Those in the private sector have experienced the highest pay increase with an average 4% rise this year, followed by the voluntary sector (3.25%) and the public sector (3%).
Almost half (47%) of respondents predict they will get a 3% pay rise in 2009, while 19% foresee a 4% increase and 13% estimate a 5% pay rise.
HR professionals also received higher bonuses averaging 6.5% of their base salaries, compared to 6% in 2007.
Charles Cotton, reward advisor at the CIPD, said: "Despite the credit crunch and the slowdown in the economy, pay awards for HR professionals are higher in the 2008 survey than in 2007. The fact HR rewards have held up so well indicates the important role many in our profession exercise in creating and sustaining a high performance culture. However, despite these increases, HR pay has still not kept pace with inflation. Looking forward, respondents predict their next year's pay increase will be lower than the one they received this year, reflecting the current economic gloom."
But the survey also shows that HR professionals are working longer hours, with 73% of respondents working 40 hours a week or more, compared to 62% in 2007. Personnel administrators are working harder than ever, with 65% of them working 40 hours a week or more, compared to 36% in 2007. Meanwhile, personnel directors showed only a slight increase, with 84% of them working more than 40 hours compared to 82% in 2007.