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.
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.
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?
In January 2021, legislators introduced the “Raise the Wage Act of 2021” bill. Its objective is to increase the federal minimum wage from $7.25 an hour to $15 an hour by 2025.
For most people, navigating through the world of sales compensation can seem overwhelming. There are nuances to developing a competitive sales compensation plan.
On September 30, 2020 California Governor Gavin Newsom signed into law SB-973. While this law mostly affects California employers with 100 employees or more, organizations nationwide are bracing for similar laws to be passed in their states and major cities.
What an unpredictable year it has been for everyone! Despite all the uncertainty in the world, you have been a positive constant for Astron.
Finding the fairest and most motivating compensation for your team members is one of the most important jobs for HR leaders like you.