Your Competitive Compensation Trends Questions Answered!

Description: In this episode with HR Content Manager, Debbie Morgan, we wrap up the compensation conversation by giving you answers to YOUR questions! Debbie shares practical ideas business leaders can use today when it comes to compensation planning, including pay compression, employee attraction and retention, inflation, competitive pay strategies, and more.

Listen to Discover:

1. Pay is not based on inflation! Salary is a cost of doing business, and inflation is tied to the economy and the cost of purchasing goods. Inflation is tied to the cost of living, while salary budgets are tied to the cost of labor.
2. Organizations that have already made market adjustments and are confident in market positioning are planning merit budgets of around 4 percent.
3. Seventy percent of employers are planning benefit enhancements for 2023. Competitive health plans, generous vacation/sick/PTO, parental leave programs, remote work, and flexible schedules are differentiators.

Bios:

Debbie Morgan, Manager, HR Content

Let's Connect:

Debbie's LinkedIn Profile

Resources:

Are you an MRA member that participated in this year's Compensation Trends Survey?

The report can be viewed on the MRA Website through the user dashboard. If you participated in the report, simply log in to the website, head over to your user dashboard, and locate surveys on the grey bar! From there you will see your report under “View Survey Reports”.

Are you an MRA member but did not have a chance to participate in this year's Compensation Trends Survey?

The full report can be purchased for $545, with applicable sales tax. To do so, login to the website, head on over to your dashboard and locate surveys on the grey bar. Click on it and it will take you to the survey page, scroll down to Purchase Survey Results and follow the steps on screen for the report you wish to purchase.

Not a MRA member yet?

Access our executive summary This is a small portion of the survey that includes key information from MRA's Compensation Trends Survey.

Transcript:

INTRO | 00;00;00;03 - 00;00;23;05

Hello, hello, everybody, and welcome to 30 minute THRIVE - your go- to podcast for anything and everything HR, powered by MRA - The Management Association. Looking to stay on top of the ever- changing world of HR? MRA has got you covered. We'll be the first to tell you what's hot and what's not. I'm your host, Sophie Boler, and we are so glad you're here. Now, it's time to THRIVE.

Sophie Boler | 00;00;23;18 - 00;00;51;25
Well, hello, everybody. I am joined with Debbie Morgan today. She's our HR Content Manager here at MRA. She's been here for two years, but has really been in the business for 20 years now with HR experience and is really passionate about what she does. And I can say she's a pleasure to work with. But Debbie, I'm really excited to talk to you today to wrap up the 2022 CompTrends event and CompTrends survey.

Sophie Boler | 00;00;52;15 - 00;01;15;06

We talked to Mike and Brittany about this and they had great things to say. So we had over 1400 people register for the event, so we know it's a huge topic of interest to all of our listeners and our HR colleagues out there. But today, like I said, we're really here to just wrap it all up and we had a number of questions come in through our chat function.

Sophie Boler | 00;01;15;17 - 00;01;36;08

So we're going to take a look at some of the questions our members submitted. So the first question we really hear a lot when it comes to strategic compensation planning. So the data from the conference survey is collected months prior, but how can employers know what is happening in the current market to really plan for the coming year?

Debbie Morgan | 00;01;36;18 - 00;02;15;11

Yeah, that's a great question, Sophie. And I guess before we get too far into this, thank you for that great introduction. Yeah, I have over 20 years of crazy comp and benefits experience in what we're in right now, is definitely a unique market. So for companies that want to stay on top of it and really be up to date with those increases because they've been so turbulent and just so frequent last year, you're going to look at how, well, employers are going to have to do the math here.

Debbie Morgan | 00;02;16;08 - 00;02;47;21

So using those math skills, most people are going to start with the last increase that they gave people or the pay rate that people were at. Usually it's going to be starting January. That's the most common date to use. A...