August 2, 2004 Did You Know?
Astron Solutions’ Marketing Specialist Sharon Terry is celebrating a birthday this month! August 13th is Sharon’s big day. Wishing you lots of cake, presents, and a memorable celebration, Sharon! The Astron Road Show
Summertime...and The Living Is Easy...
and so is fall, winter,
and spring, once you enter the world of easy HR
automation. Astron Solutions, along with ClearSight
Solutions, will be hosting a series of free
informative luncheons where guests will learn how
automated HR tools help to reduce wasted time on
non-productive administrative tasks and increase the
time spent enhancing employee relations and
productivity. All guests will receive 5% off any
product if purchased within 30 days of the event.
If you are an HR
decision-maker located in the New York, Boston, or
Atlanta areas, and are interested in attending one
of our Easy HR Automation luncheons,
please view the invite for more details or
e-mail
Sharon Terry, our Writer / Marketing
Specialist.
New York - Thursday,
8/5, from 11:00 am - 1:00 pm at St. John's
University
Boston - Thursday,
8/12, from 11:00 am - 1:00 pm at Sheraton Framingham
Atlanta - Thursday,
8/19, from 11:00 am - 1:00 pm at Holiday Inn Atlanta
Downtown
2004 Economic Update: Part II – Industry Specific 2005 Total Compensation Budget Predictions Although it is clear from last week’s edition of Astronology that the 2004 economic recovery will have a direct impact on 2005 compensation planning, the impact will not be felt the same in all industry sectors. In this edition, we will explore industry-specific 2005 total compensation budgeting predictions. Information for this edition comes from recent survey reports published by Mercer Human Resource Consulting, Watson Wyatt, The Conference Board, and WorldatWork. As this is a summation, it is best to link to these sites for specific information needed in future compensation planning. As reported last week, overall base pay compensation planning in the U.S. will remain below 4%. However, this will vary by industry. The following table is a summary of 2005 preliminary base pay budget levels (all base pay adjustments including merit, promotions, and market equity) for twelve key industry groupings from the sources listed above:
The following is a summary of projected salary range or structure adjustments by industry group (all organization levels):
The following is a summary of the percent of pay set as a target for short-term incentives by industry group (focus on Exempt Professional staff):
This information, while informative and based on data collected from a variety of sources, must be viewed as general trend data. It is critical to review current recruitment and turnover trends to ascertain if this can be applied to all positions in an organization or specific positions will need unique compensation budgeting for 2005. As the economy continues to heat up, there is a likelihood of a shortage of talent among a variety of industry groups. Be prepared to establish two total compensation budgets in 2005: one for the overall population, and one for those critical jobs for which it is becoming more difficult to recruit or to retain the quality of staff required for future growth and success. What short-term incentive budget target is your organization planning for 2005? Be sure to vote in this week's on-line poll!
Reader Poll Archive
Wonder what your fellow readers think about critical HR topics? Is your organization unique from or similar to others?Click here to view the results of our past polls!
Have a Question?
If you have a topic you would like addressed in Astronology, or some feedback on a past article, don't hesitate to tell us! Simply reply to this e-mail. See your question answered, or comments addressed, in an upcoming issue of Astronology.
Looking for a top-notch presenter for your human resource organization's meeting? Both Jennifer Loftus and Michael Maciekowich present highly-rated sessions on a variety of compensation and employee retention issues. For more information, send an e-mail to info@astronsolutions.com.
Are you reading a pass-along copy of Astronology? Click on
this button
Send inquiries to info@astronsolutions.com or call 800-520-3889, x105.
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