Do you know where your organization stands regarding base pay increases, variable pay, and benefits? It should come as no surprise that base pay increases declined when the pandemic hit (63.7 percent of organizations gave base pay raises in 2020), and that trajectory continued into this year.
It was understandable when organizations weren’t hitting revenue targets to hold back on pay increases in an uncertain economy, however, as the economy is recovering and the labor market heads up, employees and prospective hires will not accept pay at pre-pandemic levels.
Learn more how organizations can take a total rewards package approach moving forward. Providing the right mix of compensation, benefits, rewards, and perks is key to attracting, retaining, and engaging talent.