With immense economic challenges in today’s environment, here are three key steps to guide year-end compensation plans, while preparing for continued uncertainty ahead
There is no doubt that 2020 will go down as an extraordinary year. The humanitarian and economic toll of the COVID-19 pandemic has been felt far and wide. For total rewards professionals, this means year-end planning for 2021 will certainly deviate from the norm. In fact, for some companies the usual plan of action may be completely irrelevant(Aon ). So, how does one deal with the forthcoming cycle when everything feels so different?
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To begin, even those fortunate enough to be part of an industry that has been largely unaffected by the pandemic, the usual tactics are still worthy of review. Yes, some companies, such as those in online retail or essential goods and services, may have benefitted when the government shut down many non-essential, in-person businesses. Even so, if business remained prosperous, it’s likely competition did as well. Therefore, companies need to assess the rising demands of employees and deliver accordingly if they want to retain them. Remember, the best talent always has options in the marketplace.
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Unfortunately, for many rewards professionals, the core focus for the remainder of the year will be quite different. As the year-end compensation cycle approaches, firms will face new challenges and unforeseen questions that were likely not accounted for in their 2020 strategies. As this somewhat daunting task is tackled, it’s important to remember to not bury heads in the sand — there is much more to do this year than normal, and planning needs to be more effective than ever before.
To that end, Aon has outlined three key steps to take to help guide businesses through a most unusual year-end compensation planning cycle.
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