We have all been facing many challenges over the past couple of months and I expect the challenges to continue. Depending on the industry in which you work, the challenges may be positive or negative. Either way, it is a good time to assess your organization’s compensation programs as we move into the second half of the year and beyond into 2021. Business and the way we work have changed unexpectedly and quickly.
Several questions to consider during your assessment of compensation programs:
1. Does your organization’s compensation philosophy continue to align with business objectives and strategy?
2. Do the compensation programs support the compensation philosophy?
3. When was the last time your organization reviewed its salary structure(s) and/or completed market pricing (benchmarking) of its jobs? Does the structure remain competitive? Are you paying market-competitive rates?
4. How will incentive compensation and sales commissions be impacted this year and beyond, and what can be done?
5. What are potential impacts to compensation budgets and budget planning for next year?
It is important not to react briskly. Take the time to thoughtfully and analytically assess impacts to compensation for your organization. The main objectives of maintaining competitiveness in the market and providing fair and equitable compensation programs remain intact; to understand what that means in the changing economy and during challenging times requires research and planning.
Let our expertise at Atlas Compensation guide your organization through a compensation assessment to ensure decisions about your compensation programs will be effective, compliant and continue to support talent assets.
We look forward to partnering with you!
Wishing you health and safety~
Atlas Compensation Partners, LLC