There is no doubt that 2020 has been a year for the record books. When it comes to forecasting compensation trends for 2020 and 2021, there have been challenges.
All business has its challenges. Due to their close-knit nature, family-owned businesses have unique challenges. Since employees are often related to each other, developing and maintaining fair & appropriate compensation plans can be difficult.
Many employees have spent close to two months (to date) staying at home in order to “flatten the curve” of COVID-19.
Coronavirus. COVID-19. These two words have been increasingly on our minds and in conversations daily. At this point, most of the world has been affected by the current coronavirus strain, COVID-19.
2019 has seen more activity by not-for-profit Boards than in past years. Increased concerns regarding the apparent high level of executive total compensation relative to the mission of the not-for-profit, as well as greater publication of not-for-profit executive compensation levels, have put pressure on Boards and their compensation committees.
The design and implementation of variable compensation programs continue to grow throughout 2019 and it appears that this trend will continue into 2020.
Accurate, relevant, and timely wage survey results help tremendously when effectively benchmarking your organization’s compensation structure. For many organizations, the task of participating in (or even sponsoring) a salary survey is tedious, and often time consuming.
The world of non-profit compensation continues to see radical changes from the past. Previously, it was assumed that non-profits, due to the limitations placed on their abilities to generate revenue, were in the position of compensating their employees much below the market.
Astron Solutions has been tracking the increase in organizations instituting short- and long-term incentive plans among our client organizations over the past year.
As we move towards Labor Day, Astron Solutions is getting more and more requests for information regarding 2018 compensation budgeting. This is part one of a three part review of 2018 compensation planning projections.