Private Practice Firms Increase Their HR Budgets
Nearly half (49.8%) of companies overall are planning HR budget increases of less than 2% for 2007, but private-practice firms such as law and accounting firms are more likely than firms in other industries to budget increases of more than 5%, according to the annual HR Department Management and Cost Control Survey conducted by IOMA for HRfocus. Overall, 34.2% of firms are planning HR budget increases of 2% to 5% for 2007, and 16.0% are planning increases of more than 5%. Following are the 2007 planned HR budget increases by industry.
Planned HR Budget Increases for 2007, by Industry
Industry
Less than 2%
2% to 5%
More than 5%
Private practice
43.8%
18.8%
37.5%
Health care
48.4
25.8
19.4
Financial services
41.9
29.0
16.1
Services
49.0
36.7
14.3
Wholesale/Retail
28.6
57.1
14.3
Manufacturing
46.0
38.0
12.0
Transportation/Utility
22.2
33.3
11.1
Government/Nonprofit
47.1
20.6
8.8
Tech/Communications
55.6
44.4
0.0
Source: IOMA
(HRfocus, July 2006, pp. 1, 13)
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