“The takeaway for [CFOs] is that you can’t afford to sit back and wait on wages,” the report said. “You can never really be sure when or if it will ‘top out,’ especially in this unusual economy and candidate-driven hiring market. Your business needs to be prepared to provide standout compensation packages to hire stellar candidates — and keep your best people, too.”
Three ways to be strategic with compensation:
1. Review current employees’ pay now and increase it if needed, or provide another financial perk like a bonus or paid time off.
2. Create a formal process for monitoring compensation and appoint someone in the human resources department to oversee the process.
3. Keep tabs on wage compression. Often, new hires end up earning more than current staff for the same role as companies seek to recruit top talent. This can lead to resentment and disengagement from employees. Having regular pay audits and increasing the base salary of underpaid employees or offering other benefits can resolve and prevent pay compression.
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