We’re starting earlier than ever to facilitate a pre-budget preparation discussion. In 2022, employee compensation was all about a perfect storm of supply/demand and inflation. Even cutting through the current media clutter surrounding bold hourly rate increases and The Great Resignation, it’s hard to see a scenario where overall compensation budgets won’t increase in 2023. So it’s all about where to make the best reward and recognition investments.

How to analyze your annual compensation plan through three critical perspectives:

• For the credit union, “what outcomes do we need?
• For employees, “what do they value?”
• For the external market, “what are our competitors doing?”

We will discuss strategies to ensure the best return on your compensation budgets. Specific topics include:

• Rethinking the utility of salary ranges (why do we always lag the market?)
• Refocusing on the needs of the critical workforce
• Aligning market pricing frequency with the budgeting process
• Early 2023 merit increase budget projections