The job market remains competitive despite signs of a possible recession. This puts comp professionals in a difficult position. How do you attract and retain top talent without leaving yourself exposed?
In this week's Comp Conversation, Rebecca Gorman breaks down the dos and don'ts of Comp Planning for 2024. Rebecca (Principal, Compensation Consulting) has more than 20 years of experience in both the public and private sectors. She's held consulting roles with companies like PwC, Mercer, and Towers Perrin (WTW).
Twist or stick?
Historically high rewards and an uncertain future make it hard to know whether you should gamble with a competitive strategy or play it safe. Nobody wants to be the bearer of bad news, but a lower offering is better than a broken promise.
The truth is you have to do both. You've got to compete with the market while making sure you've got a contingency plan in place. Rebecca walks us through the key ideas you need to consider when developing this plan.
Enter the Matrix
A plan is only as good as its implementation. You may have a Merit Matrix, but are you limiting its impact with these common mistakes?
Rebecca draws on her years of experience to explain why Merit Matrixes don't always work as they should – and what you can do about it.
She also breaks down what to do when plans need to be changed. Crucially; how you tell staff while still making them feel valued.
In this webcast, you’ll learn how to:
- Set your 2024 merit budget
- Implement a Merit Matrix
- Develop a contingency plan to address potential budget disruptions
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