Absent a magic bullet, the only solution is to adapt. As we weather the impact to the global economy, significant disruption to business and weakening of many sectors, one thing is sure: businesses still need to retain key talent — not just the top performers, but workers who perform critical jobs. Whether or not you have an incentive plan — you’re missing a critical opportunity to focus the increase dollars where they’re needed most.
In this guide, we dive deep into several viable compensation strategy options that will help optimize and bring some flexibility to the challenging times.
Coronavirus Economy Impacts Varibale Pay
Allocate Increase Dollars Where Needed Most
Compensation Hurdles to Overcome in the Coronavirus Economy
Coronavirus Economy Calls for New Base Pay Strategies
Six Strategies for Managing Compensation in a Business Downturn
And just like that, the Goldilocks Economy ended. GDP growth was a healthy 2.9% in 2019. The Dow Jones hit 29,000 in January, 2020, and a record high in February. The 3.5% unemployment rate was the lowest we had seen since 1969. In a few short weeks, that’s all changed.