Employers are gaining back some leverage just in time for the tough conversations between bosses and employees to begin. Read more.
, employers are gaining back some leverage just in time for the tough conversations between bosses and employees to begin. This week Goldman Sachs Inc. said smaller bonuses and job cuts are coming while the running tally of tech layoffs hit 52,771 in November, the highest monthly total for the sector since Challenger, Gray & Christmas began keeping detailed industry data in 2000.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Some of that disconnect stems from people mistakenly assuming that their employers would deliver raises in line with inflation, but in the current price environment a cost-of-living boost isn’t realistic in most cases. The fault also lies with employers for keeping their compensation practices deliberately opaque for years.
Companies are preparing by harvesting all the compensation information they can from external data providers, economic surveys and industry recruiters, so they can finalize their budgets across teams and departments before the holidays and map out different scenarios depending on business conditions. In January, the pay cycle kicks into high gear, with performance reviews and compensation conversations extending into late February, when bonuses are typically paid out.
“We’re starting to focus more on the total reward, which is something we did not pay a ton of attention to in the last few years,” she said. “That means looking at benefits, equity and also what your career experience will be. All of those things are currency. It’s a dramatic shift from last year.”
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Workers have high hopes for pay hikes next year — perhaps too highEmployers are gaining back some leverage just in time for the tough conversations between bosses and employees to begin. Read more.
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