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Recognition & Rewards

Small employer alternatives to substantial wage increases

When employees consider new job offers, they typically compare the total compensation packages. Make the comparison easy by providing a clear summary of total compensation, including all benefits. If the bottom-line number needs to be higher, think creatively about new or enhanced benefits.

Offer inflation bonuses to retain employees

Like covid-19 bonuses that employers paid to retain front-line workers during the height of the pandemic, making one-time bonus payments to offset higher costs of living can help keep workers from leaving for other jobs.

Snapshot: Which workers will get better benefits in 2023?

Employers say recruiting and retention challenges will prompt them to enhance benefits for line workers next year.

Survey: HR pros concerned about effects of inflation

Inflation and its effect on employees and their organizations’ compensation strategies is a significant concern for 73% of HR professionals polled earlier this month by the Society for Human Resource Management.

Snapshot: Why workers will ask for raises this year

Nearly two-thirds of employees—62%—plan to ask for a raise this year.

How (and how often) do your bosses say ‘Thank you’?

The record quit rates of the past year have many employers reviewing how well they show their employees appreciation for good work.

Snapshot: Most baby boomers want semi-retirement

Most working baby boomers say they don’t want to fully retire. Here’s what they want instead.

Merit increases, bonuses got big bumps last year

Faced with a persistently competitive labor market, 52% of organizations participating in Salary.com’s Annual Pay Practices and Compensation Strategy Survey said they increased funding for merit increases in 2021. This is a significant jump from the 19% of organizations that did so in 2020.

More bonuses this year, but probably worth less

Eighty-one percent of employers reported they would offer at least some employees a bonus or holiday gift this year.

Due to COVID, some firms detach pay from performance

Last year, a great majority of employers (85%) said they link employees’ pay directly to performance, according to a Mercer study. But the consulting firm says some companies are now incorporating a “compassion factor” in how they calculate goals and performance.