Today’s labor market is incredibly complex. When determining your strategy, it's essential to look at compensation from multiple angles:
- Compensation is still a key concern and job requirement for employees
- Awareness and benchmarking are critical to attracting and retaining workers
- 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
-Industry
-Labor market/turnover
- Watch for internal inequities or compression!
-Union contract increases and overtime bump against non-agreement salaries
-Focus on the first level of management/supervision
- 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