The 2020 economic lockdown forced business leaders to confront compensation issues they were unprepared to address. When their inflexible, expensive pay offerings were wreaking havoc on cash flow and the P&L, few knew what to do. But what’s happened since those first weeks and months of the pandemic? What adjustments have forward-thinking enterprises made to overcome the problems their pay strategies caused and to prepare for the demands of future? This month’s Growth Notes provides answers.
What Will Compensation Look Like in The New World of Work?
(Forbes)
The U.S. hiring landscape became an employee market at the crux of the burnout crisis (nearly three-quarters of employees experienced burnout on the job in 2021). The changing world has forced employees to reconsider what matters most to them in their jobs, and employers struggling to fill roles have had to redetermine their offerings to attract top employees. But what offerings are employees looking for? Read More>
3 Ways the Pandemic Should Alter Your Company's Compensation Approach in the Future
(VisionLink)
At VisionLink, during the economic shutdown we observed many of our clients effectively adapt their companies’ compensation approaches. In fact, those who had arranged things properly before the pandemic didn’t panic and merely had to “rebalance” their pay offering when the emergency hit. Others had bigger changes to make because their rewards construct was rigid and heavily weighted towards guaranteed compensation (e.g. salaries). In observing both approaches over the past two years, we have identified three ways businesses should be altering their rewards strategies going forward. These three adjustments will help companies be prepared for any economic condition that might present itself in the future. Read More>
The Compensation Race Is On—And Anyone Could Win (Or Lose)
(Chief Executive)
Employers are in a bind: without employees, it’s impossible for businesses to grow, yet attracting and retaining new talent requires higher-than-ever wages. Businesses large and small continue to post physical and digital ‘help wanted’ signs without results. From investment bankers to dishwashers, there suddenly seems to be a dearth of talent. A grim spectator might conclude that a labor shortage could be related to the death of more than half a million Americans. It’s not that simple. Read More>
5 Secrets to a Successful Post-Lockdown Pay Strategy
Read Our Free Report
How would your compensation strategy have been different had you known the coronavirus economy was coming? Presumably, it would have been included a little more flexibility and a few less guarantees.
While you can’t go back in time and change the rewards approach you took before economic chaos set in, you can learn from your recent experience so you’re better prepared going forward. And you can start making changes now. VisionLink’s free report will help. It will show you how to create a pay plan that is agile yet stable and can be effective in any economy. Learn More>
