Merit Increases in Current Economic Climate
I'm just curious how others are handling merit increases, or any pay raise situation, with the current economic climate. We want to take care of our employees, but remain fiscally responsible to the company. Does anyone have resources or strategies they are using?
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Hello. Great question. I'm happy to connect and share how we've handled this since 2020 and the power of Talent Planning and planning ahead. Transparency is key as well. You can shoot me an email to connect live at vashti.chatman@big-village.com
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I am using the Bureau of Labor Statistics site to guide me on salary ranges and researched the national average for merit increases. I developed the attached merit review scale for supervisors to determine merit's appropriate to employees performance.
