As the economy recovers and hiring picks up, average starting salaries for Class of 2021 graduates earning bachelor’s degrees are increasing compared to the Class of 2020. Making an offer to a new graduate is an opportunity to explain the organization’s approach to compensation.
Can a worker who was laid-off get his job back from his former employer? Why do employers lower workers’ salary ranges? SHRM President and Chief Executive Officer Johnny C. Taylor, Jr., SHRM-SCP, answers HR questions as part of a series for USA Today.
Work-share programs are a little-known state-provided benefit that subsidizes the wages of workers who are kept on the payroll with reduced hours instead of laid off. These unemployment insurance programs are in 26 states, and they are a powerful solution for many companies that are seeking ways to avoid headcount reduction and keep the workforce reasonably well-compensated during the pandemic.
Employers expect their pay budgets to grow by an average of 2.9 percent in 2020, the first time in over a decade that the rate of increase has fallen from the prior year. They anticipate salary budget growth to hold steady for next year.