Annual Preview of Projections for 2015 Salary Increases

Posted by: AlternaSolutions . Posted Date: 09/09/2014

 

Getting pay right can mean a competitive advantage for your organization. Salary costs are one aspect of expense management that companies watch carefully. In general, payroll is the largest expense in most organizations’ budgets. Getting pay right is vital to enable organizations to attract and retain valuable employees.

 

Here is our annual preview of salary increase intentions in the Canadian market. This is prepared to assist our clients and business friends with their salary budgeting process for 2015. When your agenda turns to budget planning, the data on the market's intentions for next year will be useful intelligence.

 

The information below shows projected changes in Base Salary – sometimes called Budgeted Increases. We also show the projected change in Salary Structure – the change in a company’s pay policy. Base Salary changes are greater than Salary Structure changes, because Base Salary changes include increases for individual merit or performance, promotions, organizational changes, general productivity increases, etc. Pay range increases are usually intended to reflect changes in the labour market.

 

 

 

 

  This information is useful when preparing annual budgets. Other aspects of effective organizational compensation involve developing a comprehensive pay policy, which is more complex. An effective and durable pay policy considers the external market (the competition), the company’s pay structure, each job’s relative size and level, and individual performance.

Posted In: Human Resources

To give or not to give?

Posted by: AlternaSolutions . Posted Date: 12/05/2013
With the holiday season fast approaching, more and more companies are preparing their holiday festivities and worrying about the much dreaded ‘gift decision’. Being constantly bombarded with policies and guidelines and how to go about giving, this decision has become a dilemma. The question becomes: If I give a gift this holiday season, what do I need to remember?
 
First, remember that holiday giving is a way of expressing appreciation in a tangible way, but not necessarily in the form of a large or expensive gift. The challenge arises when setting a value for that gift. The second aspect is to recognize the relationship between the exchanging parties - Is it employer to employee, peer to peer, or employee to supervisor? Each of these has differing implications.
 
How the gift will be viewed by the receiver is important. For instance, will the employer give everyone the same thing, like a voucher or a cash bonus? Will employees who work together give each other token gifts, perhaps at a little social get-together? Or could the exchange be, or be seen as, a means for personal gain (i.e. a subordinate giving the superior an expensive gift)?
 
Workplaces have varied approaches with regards to their employee gift giving policies. The most common approach is to put some rules in place to ensure that gift-giving stays at a reasonable level.  Some organizations forbid the gifting of alcohol or tobacco and some put a cap on the price of the gift. 
 
Here are some ideas an employer might choose: 
 
  1. Extra paid time off: give each employee half a day off so they can spend it shopping or running errands. Additionally, if your organization will be open on Christmas Eve or New Year’s Eve, close earlier than normal on those days. 
  2. Close for the Holidays: if your organization experiences a slow-down during the holidays, consider closing between Christmas and New Year’s Day, or allow employees to make-up time in advance and take days off during the holiday period. 
  3. Meaningful gifts: hand out gift cards for something that employees would buy, offer a box of chocolates, a food basket, food voucher or even a book. If there are choices available, make sure gifts are of the comparable value, and that care is taken to ensure employees receive something they will appreciate.
  4. The gift of giving: if your employees agree, choose a charity or charities and make a donation on behalf of all employees.  Employees may also want the opportunity to donate or volunteer for a day during the holiday season or at a slow time of the year. 
 
Send us your comments about what you are planning for your employees this holiday season?
 

Image Source

123people christmas party 2010 by Luca Sartoni

Attribution-NonCommercial-ShareAlike License

Posted In: Human Resources

We Can't Keep New Employees After We Hire and Train Them. What's Wrong?

Posted by: Margot Uson Posted Date: 10/03/2013
 


When employees leave an employer, they frequently cite more money or returning to school as their primary or public reason for leaving. On the surface this may be true, but it may not be their real motive. 
 
Minimizing high turnover can be difficult, but hiring less-qualified staff is not the answer. High employee turnover is typically an issue resulting from a problem between the employee and the work environment. 
 
To stop your trend of high turnover, you must first determine three facts: 
 
•What circumstances are causing the departures 
•Why do some employees choose to remain with the business 
•Characteristics of your most successful employees 
 
All employees should receive an exit interview when they leave, regardless of their reason for leaving. The survey should be structured to give employees the opportunity to confidentially discuss the good, the bad and ugly about your company, without the fear of burning a bridge.
 
Remaining employees should be surveyed to determine why they stay. They too should be given the opportunity to discuss the good, bad and ugly about your company without fear of reprisal. If there is the slightest doubt about the issue of trust between employees and management, then have the survey conducted by an outside organization. 
Next, using a valid assessment tool, develop a profile of your ideal employees. And finally, incorporate what you have learned from the exit interviews, the employee feedback and the employee profile into a hiring and retention strategy that includes a formal employee selection and retention process. 
 
Actions speak louder than words. The final, most important step is to take the departures personally, but in a positive way. Employees are not leaving your company; they are leaving you. Therefore, you can change the situation.
 
Image Source: 

Attribution-NonCommercial License

 
 

Bring up the Flex and Amp up the Perks

Posted by: AlternaSolutions . Posted Date: 10/01/2013

 

Although salary remains high on the job satisfaction list, it is followed closely by having a flexible job schedule. 

CareerBuilder recently surveyed 3,900 workers with regard to job satisfaction in the United States and this is what they had to say:
88% of workers stated that salary is the key factor in job satisfaction.
59% stated that the key factor to job satisfaction is a flexible work schedule.
48% deemed being able to make a difference as a key factor in job satisfaction.
35% said the key factor in job satisfaction is a challenging work environment.
33% believe that being able to work at home is a key factor in job satisfaction.
26% stated that providing special perks is an effective way to improve employee retention.
 
Below are the “perks” they deemed to be the most important:
 
 
According to you, what is the most important factor in determining job satisfaction? What perks do you value the most?
 
 

 

Posted In: Human Resources

Annual Preview of Projections for 2014 Salary Increases

Posted by: AlternaSolutions . Posted Date: 09/19/2013

 

Getting pay right can mean a competitive advantage for your organization. Salary costs are one aspect of expense management that companies watch carefully. In general, payroll is the largest expense in most organizations’ budgets. Getting pay right is vital to enable organizations to attract and retain valuable employees.

 

Here is our annual preview of salary increase intentions in the Canadian market. This is prepared to assist our clients and business friends with their salary budgeting process for 2014. When your agenda turns to budget planning, the data on the market's intentions for next year will be useful intelligence.

 

The information below shows projected changes in Base Salary – sometimes called Budgeted Increases. We also show the projected change in Salary Structure – the change in a company’s pay policy. Base Salary changes are greater than Salary Structure changes, because Base Salary changes include increases for individual merit or performance, promotions, organizational changes, general productivity increases, etc. Pay range increases are usually intended to reflect changes in the labour market.

 
 
 

This information is useful when preparing annual budgets. Other aspects of effective organizational compensation involve developing a comprehensive pay policy, which is more complex. An effective and durable pay policy considers the external market (the competition), the company’s pay structure, each job’s relative size and level, and individual performance.

 
 
Posted In: Human Resources
1 2 3

Archives

 

Categories

 

Recent Posts