As with our review of 2023 compensation budgeting in the last Astronology®, predictions on how variable compensation will unfold next year are challenging.
2022 has certainly been a topsy-turvy year. Unemployment is at record lows (lowest in 50 years), but inflation has also been its highest (hovering between 8% and 9%).
Over the last two years, employees have come to appreciate the benefits to a fully remote or hybrid work environment. These benefits include saving time commuting, more productivity, schedule flexibility, and better work / life balance.
We are facing an interesting time in compensation. The events of 2020 and 2021 have left a mark on how both employers and employees view work.
As a direct result of the ongoing COVID-19 pandemic, 2022 finds us facing high inflation rates. We’ve seen prices rise 7% – in everything from cars and housing, to gas, food, and furniture.
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.
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.