Its official. We have survived one year of a global pandemic. While the world tries to navigate this new normal, both at home and in the workplace, employers are faced with an ongoing challenge: How to support employees in an ever-changing business environment. In 2021, compensation and flexibility will be a large part of that support.
When the COVID-19 pandemic began, employee well-being became the highest priority for many organizations. While that is still an important element moving forward, compensation and flexibility are also returning to the spotlight.
Several large corporations have already begun implementing changes that will allow for a more flexible work environment going forward. Ford announced recently that it will be allowing approximately 30,000 employees to work remotely for the foreseeable future. These professionals will still need to return to the office on occasion for special projects and meetings, but most day-to-day assignments can be completed at home with manager approval. Facebook, Microsoft, and Twitter are just a few additional organizations that have also instituted a flexible, remote program for employees.
Another critical element of employee engagement that deserves attention this year is compensation. Unfortunately, this element took a back seat in 2020 while many companies fought to stay afloat. Those that did likely had to make cuts of some sort, either through layoffs or pay reductions/freezes.
Many workers weathered the storm with grace, but it won’t be as easy to maintain that patience in the year ahead. Employees have long considered compensation as a reflection of job performance and skill, and multiple years without recognition could lead to an increase in voluntary resignations for many.
While no one can accurately predict how the next year will pan out, we do know that we will survive it. With some flexibility and fair wages, you just may end the year having created happy (and healthy) employees.
There’s still time to participate in ASE’s highly anticipated Compensation Surveys! These surveys represent the largest collection of employer-reported wage and salary data in the State of Michigan. Last year, more than 300 companies reported wage and salary data on nearly 500 job titles. This data is vital to confidently making decisions and remaining competitive in a dynamic labor market. To view sample data, please visit our website.
As always, the ASE Survey Team stands ready to assist you and your organization in any way. From advice on job matching to full administration of your submissions, ASE can help. Please contact the ASE Survey Team at 248.223.8053 or firstname.lastname@example.org to request a copy of your organization’s participation materials.