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.
Diversity, Equality, and Inclusion (DE&I) initiatives are not entirely new. The recent demand for social justice resulted in DE&I becoming hyper-focused.
A recent PricewaterhouseCoopers survey showed that 68% of companies invested in reskilling or upskilling to handle changes within the organization. 65% invested in training employees on new technologies.
Running your small business requires you to wear several hats: key strategist, marketing pro, scheduling master, customer service expert, and, of course, manager.
Currently, 57.3 million people in the United States work in freelance, or the “gig economy.” What is the “gig economy”? How much can it impact the future workforce?
For any business, employee morale is a big deal. Those who feel valued by the company’s leadership and that their contributions are making a positive difference will naturally enjoy coming to work.