CFO’S GUIDE TO COMPENSATION BEST PRACTICES - 2020 EDITION

Here are a few key takeaways:

You can, in fact, control for uncertainty.

Because labor costs are your largest expense, smart compensation strategies could be your best financial lever in what looks to be a turbulent 2020.

Turnover costs you big bucks.

Losing an American worker could cost you up to $15,000. By increasing your pay brand, you can be seen as a leader in providing generous financial incentives to their top performers in return for longer-term loyalty and satisfaction.

Using compensation effectively makes your budget more efficient.

Develop a smart, holistic compensation strategy over the next cycle to be much more efficient with labor budgets for better “returns” with fewer resources.

Among many compensation strategies, there are good ones and bad ones.

Many employees feel empowered to leave their current employers for better-salaried opportunities elsewhere, with the next generation continuing the trend. One strategy to combat this trend is variable pay.

We believe with the right compensation strategies backed up with reliable data, you can better navigate volatile markets to thrive through 2020 and beyond.