Tip Tuesday: 5 Key Compensation Trends in Today's Labor Market
October 11, 2022

Today’s labor market is incredibly complex. When determining your strategy, it's essential to look at compensation from multiple angles:

  1. Compensation is still a key concern and job requirement for employees
  2. Awareness and benchmarking are critical to attracting and retaining workers
  3. Analyze the market and conditions in which you compete:
    -Local or site conditions
    - Job type:
             -Salaried professional/management to hourly workers
             -Time to full rate
    -Job requirements
    -Labor market/turnover
  4. Watch for internal inequities or compression!
    -Union contract increases and overtime bump against non-agreement salaries
    -Focus on the first level of management/supervision
  5. The state of the economy, state of the business, and inflation can change often. Wages and salaries are generally expected to slow as the economy slows
Let us Help You
From labor negotiations support to strategic consultation, we are always ready to help.