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Current Trends

This document summarizes current trends in compensation and benefits for employees. It discusses trends in salaries such as broad banding salaries into a few ranges and comparable worth approaches. It also outlines trends in benefits like flexible work hours, healthcare benefits with a 6.5% cost increase, remote work, paid family leave, wellness programs, student loan repayment assistance, and retirement planning benefits. Additionally, it lists trends in incentives and rewards for employees such as service awards, recognition programs, training, flexible work arrangements, stock options, travel incentives, and rewards that enhance the employee experience.

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60 views3 pages

Current Trends

This document summarizes current trends in compensation and benefits for employees. It discusses trends in salaries such as broad banding salaries into a few ranges and comparable worth approaches. It also outlines trends in benefits like flexible work hours, healthcare benefits with a 6.5% cost increase, remote work, paid family leave, wellness programs, student loan repayment assistance, and retirement planning benefits. Additionally, it lists trends in incentives and rewards for employees such as service awards, recognition programs, training, flexible work arrangements, stock options, travel incentives, and rewards that enhance the employee experience.

Uploaded by

maha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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HRM513 Compensation and Benefits

Current Trend in Salary, benefits and Incentives

Prepared by
Student Name: Maha Ahmed Saad Ahmed Elzeer.
ID: 322022001.

School of International Business and Humanities


FIBH

Instructor
Prof. Ahmed Maher.

Spring 2022

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Current Trends
Current Trend in Salary
1. Broad Banding
a. Reduce number of ranges of salary into low number of ranges
b. Several grades
i. Clerical band.
ii. Professional band.
iii. Managerial band.
2. Comparable worth or pricing method
a. Overthrow the inequality between male and female.
3. Cafeteria approach
a. Pay + benefits& services within the limit of the pay package.
4. Variable pay plans
a. This system is based on improving production and sharing of
prosperity.
Current Trend in Benefits
1. Flexible work hours.
2. Paid leave for loss of immediate family members.
3. Employee referral bonuses.
4. Merit bonuses.
Healthcare benefits Trends in 2022
 6.5% increase in health care cost.
 Self-funded health benefits plans.
 Active benefits participation.
 Reference- based prices (RBP).
Flexible work perks in 2022
 Remote work.
 A work place community beyond office walls.
Leave benefits Trends
 Paid family leave.
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 Parental leave.
Wellness benefits and mental health benefits
 The week-long company shutdown.
Student loan repayment
Retirement and financial employee benefits trends
 Financial wellness.
Other benefits& perks employees appreciate
 Covid vaccination compensation.
 Employee assistance program (EAP).
Trends in Incentives and Rewards
1. Year of service award.
2. Peer to peer recognition.
3. Training or mentoring.
4. Seminar or workshops.
5. Handwritten “thank you” notes.
6. Gift cards.
7. Offer more flexibility and work-life balance.
8. Employee stock option plan.
9. Travel incentives.
10.Spot award.
11.Team lunch.
12.YOGA classes/ GYM/ Meditation.
13.Idea award.
14.Performance award.
15.Festival and special occasions rewards.
16.Birthday and anniversary awards.
17.Team award.
18.Rewards that enhance employee experience.
19.Career development.
20.Increase use of technology for communication.

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