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Compensation Philosophy post COVID-19

  • 1.  Compensation Philosophy post COVID-19

    Posted 13 days ago
    Curious to hear if your organization has modified their compensation philosophy post COVID-19?

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    Aimee

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  • 2.  RE: Compensation Philosophy post COVID-19

    Posted 12 days ago
    I would be interested to know as well. We are thinking about this now as well.

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    Victoria Spires
    Cabrini Green Legal Aid Clinic
    Chicago IL
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  • 3.  RE: Compensation Philosophy post COVID-19

    Posted 12 days ago
    Edited by Kortney Jenks 12 days ago
    They have budgeted as normal for compensation. However, they have moved the compensation analysis that we do every so many years out.

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    Kortney Jenks SHRM-CP

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  • 4.  RE: Compensation Philosophy post COVID-19

    Posted 12 days ago
    Great question!  I am a compensation consultant working primarily with small and mid-sized employers.  What I am seeing is:
    • It's very dependent on industries.  Some industries are having a more challenging time finding talent now more than ever, while others are clearly struggling.  I have seen huge variation on what organizations plan to do with increases and aging their structures this year.  Of course, some are still deciding how to handle pay cuts that were made earlier in the year.
    • I am working on more projects to formally define a compensation philosophy in understandable terms that can be openly shared with employees.  Many employers are striving for more open communication and transparency with employees, and are extending this to compensation.
    • For fully insured medical plans, renewals are very high this year due to extra amounts being added for COVID/anticipation of increased claims next year.  This is causing employers to look more closely at their total rewards package, and how potential benefit premium increases will impact employee's total compensation.
    I hope that helps!  I look forward to hearing what others are experiencing.  If I can ever help brainstorm or share ideas, don't hesitate to reach out!

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    Megan Nail SHRM-SCP
    Indianapolis
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  • 5.  RE: Compensation Philosophy post COVID-19

    Posted 3 days ago
    Hi Megan,

    Thank you for the reply. I am in hotel industry. Our organization implemented a 25% salary reduction and did not give increases this year.  We have since reinstated the salaries back to 100% and evaluating a year end bonus to make up for the time period of the reduced salaries.  This will depend on how the year ends for us financially.

    Thank you
    Aimee

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    Aimee Mangold SHRM-SCP
    Kolter Hospitality
    West Palm Beach
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