Best Practices & Compensation Strategies
Trends are showing that more frequently , passive employees that are on the fence about actively searching for new employment are taking the plunge and getting serious about looking for new careers . Employees looking to join a company want to know how they will contribute to company growth .
Salary increases are expected to jump 3.5 to 4.1 percent , erring on the higher end of that percentage . These increases are inevitable , so be sure to budget for them ( And of course , compensation disparity will be something to look at , too ).
You should take a holistic approach to your compensation strategies , not just to attract qualified candidates but to retain current employees . The key will be to review the total compensation package that you offer − salary , bonus structure , benefits , and flexibility .
Compensation strategies should also include preparations for succession planning and who will fill the vacancies for those that are retiring . Compensation studies and benefit brokers are also great ways to be the most prepared going into 2023 . If you are hiring a benefits broker , they should study overall company strategy , budgets , benefit plan design , HR strategy and even IT concerns . Not all benefit advisors are the same , so research your selection carefully .
Across industries , businesses are embracing change . A ‘ back to basics ’ approach of really listening to what people want benefits current employees , new candidates and the company . With winning strategies in place , the maximum benefits work for all people .
If you ’ d like to discuss your hiring and compensation strategies , contact Rea ’ s HR Consulting team .
by : Renee West , SHRM-SCP , PHR Director of Human Resources Consulting
Rea & Associates 122 Fourth Street NW
P . O . Box 1020 New Philadelphia , OH 44663
( 330 ) 308-6818 renee . west @ reacpa . com