How to Make the Most of Your Salary Increase Budget
After what seemed like years of headlines focused on “stagnating wages”, salary increase budgets are finally climbing up in 2018, as near-record-low unemployment keeps the talent market tight.
In line with this growing competition for top talent, WorldatWork’s 2018 annual budget survey found that the average salary increase budget increased from last year, from 3 percent to 3.1 percent. Furthermore, the typical organization is projecting an additional compensation budget increase to 3.2 percent in 2019.
But before you panic over any looming “bidding war” for the best employees, consider this: your compensation budget may not have to change all that much. Instead, it’s about making smart choices about how you allocate your dollars to different segments of your employee population, when you pay and how you communicate your salary decisions to employees. In this webinar, Tim Low, SVP of Marketing at PayScale will show you how. The session will discuss:
- Key findings from WorldatWork’s annual salary budget survey
- Interpretations of why salary budgets are trending upwards, informed by PayScale’s own research on compensation budgets and approaches
- Actionable ideas on how to make the most of your salary budget – no matter how large or small it is.
- How to make a business case to get your budget approved.