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Let’s Talk About the Trend Away From Base Pay Increases Towards Short Term Rewards

Something Different

Namely; the percent of annual payroll budgets dedicated to salary increases has shrunk from a high of 10% to a current level of 2.9%, and short-term incentives as a percent of payroll has skyrocketed from 3.9% (when Aon first started tracking the metric in 1988) to a record 12.7% last year. ^In So what does it all mean?

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8 Tried & Tested Employee Retention Strategies in the Insurance Sector [2024 Edition]

Empuls

They aspire to have well-defined responsibilities and opportunities for continuous learning and growth. This includes not only base salaries but also benefits such as health insurance, retirement plans, and performance-based incentives.  They seek recognition for their contributions and genuine collaboration within their teams.

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What's Going On Out There?

Compensation Cafe

Aon (including Radford ) just published data collected from April 7 to 10, 2020. This is a well conducted survey covering a point in time that can be confusing and sometimes even disturbing. Hungry for up-to-date data on how your competitors are handling the Human Resource components of the Covid-19 pandemic?

AON 69
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Compensation Cafe: Keeping Top Employees in an Era of Disappearing Raises

RecognizeThis!

” I shared research from Aon Hewitt showing straight salary increases are near all-time lows while short-term rewards and bonus budgets (variable comp) are at an all-time high. In “Where Have All the Raises Gone?” I’m not surprised by this.

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Where Have All the Raises Gone?

Compensation Cafe

Last month The New York Times ran an article bemoaning the loss of pay raises in favor of one-time bonuses and non-monetary rewards. Cited in the article, analyst firm Aon Hewitt calls this a “drastic shift” based on the firm’s annual survey on salaried employee compensation. percent in the depths of the recession.

AON 40
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Is Your Company Following its Compensation Philosophy?

Workday

A WorldatWork study sponsored by Aon Hewitt found that while 92 percent of companies surveyed have a formal compensation philosophy, only 63 percent have it in writing. Special perks like Friday yoga or in-chair massage, retention bonuses, and large cash incentives for employee referrals may be critical components.

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How Just-In-Time Training Leads to Sales Growth

Rallyware for Human Resources

It’s the direct result of an organized and well-balanced system comprised of the right people with the right focus who are fully engaged in their work. But when it comes to doing administrative tasks, well, that is where motivation and drive disappear. growth in sales. But that’s not all.