The Compensation field is experiencing one of its most intensive periods of change in its modern-day history. The changing economy means HR should be looking at ways to change the organization’s compensation strategy.
While the economy seems to be booming, pay budgets appear to remain somewhat flat despite the low unemployment levels. According to the WorldAtWork 2018-2019 Salary Budget Survey: Top Level Results, released in July, U.S. salary budgets are projected to rise to 3.2 percent in 2019.
Right now, it’s a tight job market, with plenty of job openings and lower unemployment levels, which makes hiring and retaining high-quality workers even more competitive. And, while there are plenty of workers looking for jobs, they are also leaving in pursuit of companies that will pay more or offer better perks.
Also, there is a growing number of gig economy workers. In 2017, the Bureau of Labor Statistics reported there were 55 million “gig” workers, representing an estimated 35 percent of the U.S. workforce. Experts expect that number to jump even higher in coming years, so organizations need to carefully consider the use and costs of contractors and provide goals and benefits to both in-house and outsourced employees to encourage company engagement.
While most organizations are proceeding with caution when it comes to increasing their compensation budgets, it makes sense to carefully review your plan and ensure that you’re in the same range as your competitors. And, with the glut of available job openings, you may also want to look at other forms of compensation that make your organization desirable.
Join us on November 13 for an in-depth webinar on how these compensation trends will impact you and your organization, and what steps you should be taking to prepare for 2019.
- Compensation trends and projections for 2019
- How companies are holding the line in their compensation levels, despite tax breaks and a growing economy
- What the current job market (many openings and increasing rates of turnover) means for your organization
- Increasing numbers of workers in the “gig” economy—how that can work (or not) for your organization
- How to review your budgets and situation to determine whether to use bonuses
- Ideas to keep your in-house employees happy, if not with raises and bonuses, then with other benefits
- Strategies to keep your organization competitive in 2019 by reviewing your industry pay ranges
- How reviewing employee compensation within a given pay range can help you to identify compression problems
- Key questions you should be asking about your pay practices and overall compensation philosophy
- And more!
YOUR EXPERT INSTRUCTOR
David Wudyka, MBA, BSIE, is Managing Principal and Founder of Westminster Associates, manages and oversees all company operations, including the design, development, and implementation of all client HR programs. With more than 30 years of professional HR experience, he has a strong interest today in the increasingly emerging role of the HR department as a strategic partner, employee retention strategies, and group incentive plans. Mr. Wudyka was one of the first 200 people in the United States to be certified in the field of Compensation by the former American Compensation Association. He also teaches the HR Certification Program at UMass Boston, and is on the Adjunct Faculty at the same Institution.
This program has been pre-approved for 1.5 hours of general recertification credit toward PHR and SPHR recertification.
Business & Legal Resources (BLR) is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CP or SHRM-SCP. This program is valid for 1.5 PDCs for the SHRM-CP or SHRM-SCP.