Compensation is experiencing one of its most intensive periods of change in modern‑day history. The changing economy means HR should be looking at ways to change the organization’s compensation strategy.
While the economy seems to be booming, pay budgets appear to remain somewhat flat despite the low unemployment levels. According to the World-At-Work 2019 Salary Budget Survey: Top Level Results, released in July, U.S. salary budgets are projected to rise to 3.2 percent in 2019.
Right now, it’s a tight job market, with plenty of job openings and lower unemployment levels, which makes hiring and retaining high‑quality workers even more competitive. And, while there are plenty of workers looking for jobs, they are also leaving in pursuit of companies that will pay more or offer better perks.
While most organizations are proceeding with caution when it comes to increasing their compensation budgets, it makes sense to carefully review your plan and ensure that you’re in the same range as your competitors.
Join us on February 20th at 10:30 am, for a Complimentary Webinar of a on how these compensation trends will impact you and your organization, and what steps you should be taking.