2020 Pay Increases

Hello! Fortunately our company has done well during the whole pandemic. We normally do annual increases in May but delayed them until we got through August to see how everything would pan out. Well, August is over and we're still doing well but the owners aren't feeling increases. I think this is the wrong approach and would love to hear what other companies have done with increases for 2020. Thanks!

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    • Ryan Mount
    • Employee Benefits Specialist
    • Ryan_Mount
    • 3 yrs ago
    • Reported - view

    Perhaps something more short term could be offered instead.  A premium holiday from health benefits would technically give everyone a small bump in pay.

    Or, depending how much your company pushes its wellness plan, I have seen some clients do a bulk purchase of fitness devices.  It helps encourage wellness initiatives and works as a thank you to those who have been putting in the hard work. 

    And my final suggestion was even with a robust benefit package, but can always find a new benefit and have the company cover part of that cost.  A group Long Term Care policy? Pet Insurance is popular these days.  

    Most companies who were able to offer raises this year found a way to add money into their benefit package.  

    Hope this helps! 

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  • We recently paid half of the traditional year-end performance bonus in July instead of waiting to pay the full bonus with the final pay of the year. 

  • We did not give merit increases but are looking at a one-time, across the board bonus.  

    • Kathy Tang
    • Question of life is why? Answer is why not?
    • Kathy_Tang
    • 3 yrs ago
    • Reported - view

    I would disagree with this and move forward with not necessarily a base increase for the employees but some sort of "bonus" or "bump" for 4th quarter. And I would make sure to brand it well. The employees will know that there is a pandemic and have some sense that they company is doing well. However, not having any type of appreciation or show of support would be devastating to the front-line employee.

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  • 3 yrs agoLast active
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