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.
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).
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.
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.
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?
It is an exciting time for Human Resources. Data analytics and artificial intelligence (AI) are evolving HR in order to amplify organizational growth.
One topic that has garnered a lot of awareness in Human Resources is employee well-being. For several years, Deloitte’s annual Global Human Capital Trends survey has acknowledged a growing concern surrounding employee well-being and how well-being affects employers.
What an unpredictable year it has been for everyone! Despite all the uncertainty in the world, you have been a positive constant for Astron.
Artificial intelligence has been around for a while now, but today it is transforming our lives more than ever. It is making its way to various facets of our personal and professional lives.
As we plan for 2021, we need to consider COVID-19’s impact on 2020 compensation decisions for nonprofit executives. For the most part, nonprofit executive compensation came to a halt.