Picture this: It’s a typical in-office day for your hybrid team, and as you walk into the break room to refill your coffee, you notice a group of employees gathered together and talking over a news article in the local paper.
What elements do employers need to consider when creating incentive pay plans? Our partners at Terkel asked HR/recruiting professionals and business leaders their insights on developing incentive pay plans.
Good employees can be hard to come by, so once you’ve found one that contributes to your business and works well with your team, you want to hang on to them.
Today, our workforce is more complex than ever, spanning multiple generations and demographics.The world’s current workforce includes a mix of “Baby Boomers” (currently ages 57-75), “Gen X” (currently ages 41-56), “Millennials” (currently ages 25 – 40), and “Gen Z” (currently ages 9 – 24).
It’s disheartening to learn that an employee is choosing to leave your organization. Turnover leaves your HR team and organizational leaders scrambling to find a replacement, and if the employee leaves the organization on a sour note, the experience can be especially awkward and even leave some professional relationships in jeopardy.
Last year, when preparing for 2021 and what we assumed would be a post-Covid 19 world, this article focused on the fact that most nonprofit organizations had frozen executive base pay levels and were focusing on long-term incentives.
As with our review of 2022 compensation budgeting in the last Astronology®, predictions on how variable compensation will unfold are challenging.
The COVID-19 pandemic has led to many workplace changes, and the newest trend we’re seeing is “The Great Resignation.” This refers to workers quitting their jobs in droves–according to the U.S.
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 have led many to rethink past and current compensation strategies as we move into 2022. According to SHRM, when planning for 2022:
Consider the future of the organization.
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.