It is November, and along with the setting of time to spend with family and friends throughout the holidays, it is also time to look towards the New Year. For many of us, that means establishing resolutions and setting goals that we hope to achieve in 2017. For anxious companies for maintaining a competitive position within its respective industries, the planning of 2017 probably includes establishing a solid wage budget for the next compensation cycle . After all, ensuring that the compensation is strategically assigned to have a tremendous effect on its ability to attract superior talent and retain high interpreters.
If your company ties your salary increases at an anniversary date or a focal date, such as April or January, after the conclusion of a fiscal year, it is important that your salary budget Keep in mind more than a small increase based on last year’s plan. But how aboutFinish the appropriate budget for your organization? As with many things in life, she Answer is: It depends.
When establishing a budget for next year, you want to make sure not to take into account not only what happened last year, but also the state of your industry, its geographical region and the evolution of certain works and roles They are important for your business. You can start your budget analysis by reviewing the results of our tenth annual survey of the National Salary Budget, which explores salary trends in recent years that can help inform your salary budget planning.
The results of the Survey of FASTER 400 companies in 20 industries indicate that there will be a total increase of the budget of 3% in the United States. However, the majority (75%) of organizations in the United States and Canada do not plan to change your budgets at all for 2017. While some companies DetendThey rang their budget analysis right there and simply make a cost of living, it would be prudent to take a closer look at how the individual types of business the different regions are approaching budget planning for next year. Below is a brief description of our findings, and the full analysis can be found here.
The northeastern region of the United States is planning the greatest positive change in salary budgets for 2017, according to our respondents. For a company with operations in the northeast, taking into account that almost 20% of companies are planning an increase in their budget, it will increase a long way towards maintaining a competitive position among the best employers in the region. Companies in the mountain region will also want to take note of 17.4% of companies planning a higher budget in 2017.
Differences from industry
According to our findings, the great winners will be employed. In chemical products, health and financial services industries, since approximately a quarter of companies in these industries indicated that they are planning for higher salaries for 2017 (compared to their 2016 budgets). Decia, no Of the chemical organizations surveyed reported plans to reduce salary budgets next year.
Planning for 2017 The results of our annual survey demonstrate that the salary budget is not so cut Comose Dry as it may appear for the first time. In a place to rely on the previous year’s budget as a baseline, it is Important that organizations conduct a deeper analysis to determine an appropriate action course since salary budgets may depend on a variety of FACTORS, including your type of business and geographic region. Trucking with a trusted advisor can also help ensure that your compensation strategy, including your salary budget, are in line with the objectives of the organization. The preparation now for the nextYear will establish your company for successful attraction and superior short-term talent retention.