Employee Retention (Cont’d from Page 1)
Experience the power of SWED/CUT ® “Anydefect,anymid-runpressstop, canentirely eliminiatemargin froma job. AsQAManager, it is up tome toprevent wastebefore it happens. That’s why I rely on FLXON’s products and support togainour competitiveadvantage. QAManager,WideWebPressroom
to help prepare for the bumpy road ahead that will be 2022.
Columbus, OH - Booth #854
1. Review Paid Salaries If you typically award year-end salary increases, now is the time to determine whether you’ll award them and the amounts necessary to maintain both external competitiveness and internal equity. The challenge is that sometimes external competitive- ness and internal equity are at odds. For example, entry-level pay has increased 15 percent to 20 per- cent in many locations, and you may have needed to hire at those increased rates. That means some of your longer service employees may require larger salary increases. Across the board year-end increases don’t work well when compensation for certain groups is this volatile. Now is the time to look at other pay in- crease models, such as equity increases, bonus pay- ments vs. base salary increases, and special incen- tive programs. A recent Business Insider survey reported that 54% of Americans live paycheck to paycheck. While advancement opportunities, good supervision, and work-life balance are important to many workers, so is salary. Make sure your compensation is and remains competitive. 2. Review Those Bonus and Incentive Plans Too Now is the time to determine whether you’ll pay 2021 bonuses and incentives. If you are a home im- provement retailer or sell to a home improvement retailer, chances are you’ve had a good 2021. If, on the other hand, you’re a brick-and-mortar depart- ment store, 2021 probably isn’t your best year. The wild economic fluctuations of the last two years make planning difficult but more important than ever. Here are some questions to ask yourself as you begin to set bonus and incentive goals and measures for 2022: • What are the objectives for your plans? Do they complement the organization’s business strategy? • How will you pay for these plans? • Do individual goals support business strategy? Do you need to establish new goals/revise existing goals as you develop new products, enter new mar- kets, etc.? • Are your performance measures appropriate? Have you included non-financial metrics such as customer satisfaction, resource utilization, people and project management where appropriate? • Do employees understand the plans and what they must do to be successful?
SWED/CUT ® PERFORMANCE DOCTOR BLADES
Meter More Precisely Print Cleaner Dots Longer Protect Anilox Investment Avoid Mid-run Press Stops Experience No Break-in Time Receive Fewer Customer Complaints Reduce Your Annual Doctor Blade Spend
FLXON INCORPORATED 8531 Crown Crescent Court, Charlotte, NC 28227 (800) 756-6474 I (704) 844-2434 I wecare@flxon.com ASK ABOUT OUR 100% SATISFACTION GUARANTEE!
equarterHOUSEAD.qxp_Layout 1 8/13/19 6:21 PM Page 1
www.flxon.com
In addition to its bi-weekly print edition, Flexo Market News also offers unprecented online reach for advertisers, as well. * Every ad in our print edition appears in our online edition, which includes a link back to your company’s website. • Banner ad opportunities exist at both www.flexomarketnews.com and www.nvpublications.com.
• Exclusive online sponsorships allow your company to have sole ownership over online content, in addition to your ad on a web blast that goes to our readers. • Web blast sponsorships that reach our entire
readership with your exclusive content. FlexoMarketNews.com
NVPublications.com
(Cont’d on Page 7)
4 January 17, 2021 Flexo Market News
www.nvpublications.com
Made with FlippingBook - professional solution for displaying marketing and sales documents online