The Rewards Profession: One Year After 9/11


It goes without saying that compensation and rewards professionals have faced a number of challenges between the fall of 2001 and the fall of 2002. An already-slipping economy tumbled downward after 9/11, putting pressure on salary budgets, bonus plans and merit raises. September 11 was followed just a few months later by huge corporate failures, numerous accounting scandals and highly publicized misdealings by executives. Of course, Congress and the regulators quickly got interested in many of these issues. All of these events have changed the face of the profession profoundly over the past year.

Survey Results

In response, WorldatWork surveyed its members in late August 2002 to get a closer view of the changes in the profession since the tragic events and economic disruptions of the past year. According to the 495 respondents to The Rewards Profession: One Year After 9/11, layoffs and hiring freezes have been heavier than expected in the year since 9/11, compounded by the added pressure of economic and business struggles. Among the survey's respondents, one-third (33%) reported layoffs in their organization during the past 12 months, significantly more than the relatively slight 9 percent who indicated their organization was "considering" layoffs in a similar WorldatWork member study conducted in the shadow of 9/11, in October 2001.

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  • 2002
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