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Workplace Disruptions
With compensation on the rise and unemployment at historically low levels, employers must adapt to the new realities.
Claudia St. John takes a closer look at the data behind these issues and identifies some creative workplace solutions in this week's video.
Despite known challenges, there are some steps you can take immediately to navigate your way to success.
Wage Actions:
- Develop and implement a long-term salary planning process that addresses current and anticipated labor market issues.
- Be aware of differing costs in different labor markets. This is critical for employers doing business in multiple locations.
- Consider other types of salary increases (e.g., equity increases, bonuses, special incentives) to supplement/replace the standard yearly increase of 2% - 3%.
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Compliance Actions:
- Keep informed of legislative changes impacting pay equity at federal, state, and local levels in all the locations where you do business. If you currently have a policy that prohibits employees from discussing salaries, it is time to relegate it to the dustbin.
- Be aware that minimum wage changes may not be state-wide and may not take effect on January 1.
- Consider subscribing to Affinity's HR Support Plan which tracks legislative updates that affect workplace policies and practices.
Recruiting Actions:
- Review current pay policies for competitiveness in recruiting market(s) and anticipate the need to increase wages to recruit and retain.
- Consider what short- and long-term actions you may need to take to attract and retain women in your workforce.
- If raising pay is necessary to hire new talent, review pay levels for current, experienced employees to ensure internal equity.
We can help!
Affinity HR Group can help you think innovatively about the structure of your workplace and benefits. Connect with us at 877-660-6400 or contact@AffinityHRGroup.com to learn more.
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The Monday HR Minute, brought to you by Affinity HR Group, is designed to provide you with practical, applicable human resources and management advice and information. We believe that by dedicating just a few minutes a week to thinking about people management practices, business owners and managers can make enormous strides in improving workplace performance. |
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Affinity HR Group is a full service human resources consulting firm that specializes in advising small and medium-sized enterprises. Our services include recruiting and selection, HR policies and compliance, ad hoc HR support, compensation and performance management, and training and development. We are an endorsed HR partner of a number of leading national trade associations and offer free initial consultations and discounted services to their member companies.
Email us at contact@affinityhrgroup.com or call 877-660-6400.
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