If evaluating your organization’s compensation and total rewards programs is part of your annual routine, you may have noticed that spring showers bring more than flowers – they also mark the start of compensation survey season.
Why is everyone seeking compensation data at this time of year? Though there are certainly exceptions, most annual changes to employee compensation happen between the months of January and April. Most decisions for these changes take place in October through January. Therefore spring is the busy season for those who gather and report on this information, so it is at its freshest come fall when the most people need it.
It’s been said, “If you don’t know where you are going, any route will get you there.” This is why organizations need to put such great effort into strategic planning. Without a map to sustainable growth, a business is not likely to survive and thrive in a rapidly changing world.
Saying that strategic planning is an important process is an understatement. Not only does it help to define short- and long-term goals and set the direction of the organization, it also provides a means of allocating the necessary resources and capital to achieve the desired outcomes.
October 19, 2011 – According to the results of the 2011/2012 Compensation Survey for Manitoba Employers Report released today, the competition for talent is driving increases in salaries across many senior leadership roles; while benefits at all levels continue to evolve to match employees’ needs for life-work balance.
“The survey results clearly show that employers have recognized the need to attract and retain top talent, particularly those organizations who suffered staffing set-backs through the recession. We are seeing salary increases across most employee groups trending back to normal pre-recession levels.” says Colleen Coates, National Practice Leader, Total Compensation, People First HR Services.
The answer to the question of “How much are you worth?” can often elude both employees and employers. Ask these two groups the same question and you’ll probably receive two very different answers.
The truth is salaries come in all shapes and sizes. Whether you’re negotiating a starting salary or looking for a raise, you should know how much you’re really worth and understand how your organization determines the amount you are paid. Your colleague’s paycheque may be larger or smaller than yours, regardless of how long you have been working for the organization or how many bills you have.