Current Economic Climate and Impact on 2022 2021 has been a year of surprises in administering employee compensation programs. Among the changes and challenges in 2021 are the following:
These factors has led many to rethink past and current compensation strategies as we move into 2022.
As an employer or HR professional, you’re thinking about how you can improve your employee relationships and boost retention. After all, a higher retention rate can:
Preserve institutional knowledgeHelp your company grow with your employeesMaintain employee moraleSave your organization hiring and onboarding costs
To achieve a higher retention rate, you might improve employee benefits like work-life balance programs and strong compensation and recognition programs.
Diversity, Equality, and Inclusion (DE&I) initiatives are not entirely new. The recent demand for social justice resulted in DE&I becoming hyper-focused.