As the economy is in a state of recovery, there are a number of HR issues that will require some reexamination in the near future. Just a year or two ago, employers were stretching their dollar until they could unfreeze hiring and start thinking about expansion once again.
Now, recruiting new talent is a trend that is on the rise, and companies are tapping into human resource power to do business better. According to an expert consultant at Cowden Associates, “employers can’t just go back to business as usual when it comes to their total compensation strategy.”
One Foot Forward
Getting back to a renewed business model will likely be a slow process, but as organizations start planning for the future, it is important to consider the compensation issues to aid their strategy:
- What areas are driving profitability, and how can you improve staffing in those areas?
- How do you plan to readdress cost-of living pay increases down the road?
- What is your current merit system, and how can you incentivize hard work?
- With regard to your retention strategy, what old programs can you bring back?
- What new wellness and benefits initiatives will you plan to invest in the next year?
Read the Employee Benefits News article
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