Per the U.S. Bureau of Labor Statistics (BLS), roughly about 47 million Americans quit their jobs in 2021, causing the national quit rate to hit new highs. Expert projections indicate that the labor shortage in the U.S. market may not end soon, mainly because candidates’ expectations at work are changing fast. It is worth noting […]
Apr 20, 2022
Apr 13, 2022
In today’s job market, it isn’t easy to find and retain great candidates. Moreover, the quit rate levels remain high as employees seek better prospects. Also, as the American population ages, the labor force participation rate is declining. Therefore, to acquire and retain the best talent, you need an effective talent acquisition strategy. Benefits and […]
Mar 17, 2022
In 2020, the Centers for Disease Control and Prevention (CDC) reported an increase in mental illness among American adults. This was largely due to pandemic-induced problems such as massive job losses, death of loved ones, isolation, safety concerns, and tough economic times. While almost everyone was a victim, healthcare workers suffered the most considering they […]
Mar 10, 2022
While pay hikes make for loyal employees, they can affect your bottom line. So, which compensation components should you increase or add (and how often) to keep your team happy and remain profitable? Here are some practical suggestions for small business owners. Select the Right Compensation Mix Choose a compensation mix to offer your employees […]
Feb 17, 2022
Executive compensation refers to remuneration packages specifically designed for C-suite executives, senior management, and business leaders of a company. The package includes both cash and non-monetary benefits. Given these individuals are responsible for formulating policies, strategies, and making important business decisions on behalf of their shareholders, executive compensation aims to motivate CEOs and other executives […]
Feb 10, 2022
No industry is immune to the ill effects of poor remuneration, including higher education. Compensation studies can help you retain and attract highly talented faculty members in an employee-driven labor market. They can provide valuable insights on the market value of each position and benchmark salary ranges. By compiling a compensation best practices report every […]
Jan 20, 2022
Many organizations across all sectors are facing a dilemma with the increase of the minimum wage. On the one hand, a pay hike for the lowest-paid workers is necessary to maintain labor market competitiveness as well as keep up with state and federal minimum wage mandates. On the other, compensation structures will be interrupted, potentially […]
Jan 12, 2022
Changing markets drive businesses to improve their product and service offerings, with customer satisfaction being the ultimate goal. However, for decades now, higher education has remained static, typically serving a fixed product to an unchanging market. No thorough review has been conducted to assess the state of higher education, the curriculum and programs offered, and […]
Dec 22, 2021
Organizations across all industries will have to raise wages for their lowest-paid workers sooner or later. Competition in the labor market and local, state, or federal mandates will make this pay adjustment necessary, and many employers are already working out strategies to comply ahead of time. However, raising the minimum wage introduces another headache—pay compression. […]
Dec 08, 2021
A 2017 Bureau of Labor Statistics (BLS) report revealed that increased compensation helps improve employee productivity. This is true even for higher education faculty. Unfortunately, institutions of higher learning have little to no control over the availability of funds to compensate their faculties appropriately. Other than the higher education stakeholders who determine the availability of […]