With minimum wage increases occurring in several states, we anticipate considerable disruption in compensation rates.
With compliance and maintaining equitable payroll programs keeping you awake at night, here are a few tips to manage this transition.
Identify the jobs paid below the minimum wage and the pay grades where range minimums will need to move. Do you need to eliminate a grade and make pay range adjustments to maintain internal equity?
It can be a difficult balancing act to alleviate compression, so you should consider competitive pay increases and incentives to your star performers.
Prepare back-up plans to your back-up plans. Map out different possibilities of how to update your compensation program and consider what impact each will have in the future.
For more assistance with minimum wage or other compensation issues, contact Compdata Surveys & Consulting today.