Have you put together your 2021 annual increase budget yet? If you haven’t, you’re not alone. With all the uncertainty in the air, it seems compensation planners are waiting longer than usual to work on their budget. Take a look at what else we heard from respondents to the Compensation Planning Survey Pulse July edition.

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Though the headlines would have you believe that employers are all reducing their workforce and cutting pay, according to Mercer’s May edition of the 2020 US Compensation Planning Pulse Survey, that doesn’t exactly seem to be the case.

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Many cities and states are establishing a $15 per hour minimum wage. How are retailers responding? They’re not all rushing to proactively comply. Instead they are considering how they reward and motivate employees beyond pay.

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Times of uncertainty naturally make us feel overwhelmed and anxious. It's tempting to spend time on other essential activities and choose not to participate in compensation and benefits surveys and maybe to even consider compensation surveys as a variable cost that you can reduce this year. Not now; you’re going to need this data.

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There’s no time for “down time.” When you wrap up your key objectives for the fiscal year, it’s time to get to work on new priorities to maximize efficiency in the coming year. By being proactive, you’ll be able to hit the ground running and achieve amazing things.

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The fastest-growing jobs this decade are largely driven by tech, but mastery of distinctly “human” skills is still important. Get information on the rapidly-evolving workforce in 2020 here.

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Budgets for merit-based salary increases have remained flat for years, meaning your company should be looking to other avenues for incentivizing and retaining top-performing employees. The use of performance-based bonus is an attractive option for doing so, but only when executed correctly.

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In response to client feedback, Mercer Job Library has been carefully designed to provide enhanced job content, consistent survey data collection, and intuitive results analysis, resulting in a vastly improved client experience. Learn more about this new job catalog as part of the 2018 survey season release.

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