Articles

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
    -Industry
    -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
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