What is your Compensation Resolution?
With the new year, many folks will look to make a New Year’s resolution that will somehow positively impact the upcoming year. The start of the new year is a great time to take a breath and examine which areas within your department could use a little fine-tuning. If you are looking to make a compensation resolution, you are in good company. Results from the 2019-2020 Agribusiness Review indicated that around 45% of companies fair and competitive compensation systems as a top concern.
Is there a compensation resolution that might have a big impact on the upcoming year? Depending on various factors there are many resolutions to choose from. Are you looking to tackle situations of compression? Develop a competitive pay strategy? Conduct a pay practices audit? Perform a compensation study? Tackling compensation issues can ensure your organization remains competitive in terms of pay practices. Consistently, the Agribusiness HR Review reveals that employers are looking to higher compensation and better benefits as a way to compete with other employers.
There is no right or wrong answer to what your resolution might be, as each organization has different goals. Knowing where your compensation department currently stands can be essential as a first step of any resolution. One option to assess the current state of your compensation program might be to conduct a compensation study. Within the previous year, around 28% of Canadian companies and 60% of US companies indicated they have completed a compensation study, according to the Agribusiness HR Review.
No matter what your resolution is during the upcoming year, starting out with a clear assessment of your compensation department can provide the best foundation for moving forward. Cheers to happy compensation within the New Year!