How to Make Sure Pay Raises Stay Competitive

When New Hires Get Paid More, Top Performers Resign First

First and foremost, it's critical for employers to raise awareness about the impact of pay inequity across their organizations. That means ...

Promotions and raises are going to be harder to get in 2024—here's ...

Per Mercer's research, 62% of organizations are planning to give employees off-cycle salary increases — additional compensation not tied to ...

5 Compensation Strategies For a Tight Budget - Breezy HR

One-off bonuses can be a small but mighty way to increase engagement and reward employees for a job well done. This can include sign-on bonuses, ...

Amazon increases wages, adds Prime to benefits for hourly US ...

This is part of an annual process where we review our wages and benefits to ensure that they stay competitive—and in many cases industry ...

Salary Increase Projections 2024 (and 2023) - SHRM

US employers plan to raise compensation budgets in 2024 by 3.5% for merit increases and 3.9% for total salary increases for nonunionized employees, but that is ...

Salary Increase Program Guidance | UA Human Resources

The university's annual Salary Increase Program helps ensure that our colleges and divisions remain competitive in recruiting and retaining staff and faculty.

Keeping Compensation Competitive & Fair - Spiceworks

Along with researching the market and determining how externally competitive your pay will be, analyze how you are currently paying employees in ...

How to ask for a pay raise during tough times - Bankrate

Be open to feedback. ... If your manager hasn't already given you feedback on your work outside of performance reviews, ask for it. Feedback is ...

What Is Wage Compression and What Can You Do About It? - Lattice

Say your HR team conducts a pay equity review and finds big pay differentials, but there's no budget to offer raises. Burr said companies won't always be able ...

How to get a substantial pay increase in my current role - Quora

The first one is probably the "easiest" - just keep your eye on opportunities within the company that you would be a good fit for, and when one ...

How to develop an effective compensation strategy in 6 steps

The aim here is to be as competitive as possible, whilst sticking to your established budget allocation. This means not overstretching or ...

Six ways to improve your company's compensation and benefits

Companies should conduct market research regularly to stay competitive concerning employment packages. Seeing what other companies are willing ...

Simple Metrics: How to Use Compa-Ratios to Guide Compensation ...

How competitive are your institution's salaries? ... pay increases. ... be helpful when evaluating your institution's compensation practices.

How to Negotiate a Raise During Your Annual Review | Team Hewins

Ideally, this should be toward the end of your annual performance review, when the subject of compensation is already on the table. How to ...

Performance-Based Compensation: What It Is And How To Approach It

You can offer nice things like travel vouchers, gift cards, experience days, or other non-monetary rewards (just be careful you follow your local tax laws in ...

Merit Increases Vs. Promotions: Why HR Leaders Need To Know ...

They may not quite have the same understanding if you tell them they'll be receiving a merit increase, though at the end of the day it amounts ...

The Complete Merit Increase Guide: What, Who, How, and Why ...

The bottom line is that your merit increases should target high-performing employees whose impact on company success can be measured. The more targeted you are ...

Here's the average pay raise employees can expect in 2024

Tom McMullen, a senior client partner with Korn Ferry, said in an email that pay increases next year are projected to be "high relative to how ...

How to Tell an Employee They Didn't Get a Pay Raise or Promotion

Remind employees that pay raises and promotions are not the only benchmarks of career growth. Use your existing performance review process to help employees ...

Discover Effective Ways to Increase Your Salary Today - Medium

Be confident and professional: Approach the salary negotiation with confidence and professionalism. Clearly articulate your reasons for ...