The Merry-Go-Round of Compensation in 2023
What are we going to do with 2023?
Compensation is as confusing as the weather in the Spring:
Inflation is eating our breakfast egg sandwich for us
Layoffs are all over LinkedIn
We still have to fight for certain kinds of talent (Plumbers & Accountants, where are you?)
Candidate Resumes have Long Covid
Paying to keep talent is getting very, very innovative
Our Team at Ministry HR Group gathered around these issues to brainstorm how we could help you. Here are our ideas on how you can balance the war between hiring managers, HR and the CFO.
We are seeing an average 5% COLA increase for Christian ministries this year
Total Reward Statements are more popular, to demonstrate the cash and non-cash rewards. Remember to have a side bar with qualitative benefits such as Christian culture, career development, fulfilling work, family inclusion at events, etc
Benefits Brokers are getting tapped for creative solutions, such as Teladoc and ICHRA Plans
Our Team's Recommendations:
Do an Employee Survey to find out what they value, in compensation and benefits. Email us at firstname.lastname@example.org for a free survey template.
Consider a compensation structure that has a good base, and strong quarterly bonus for activities that meet your mission
Add benefits that cut the costs for the employee: Teladoc, QSHRA, or increased employer contributions, etc.
The CHM-Partnered Group Healthcare Plan is one of the most innovative and cost-saving solutions we have ever seen. Contact Christian Healthcare Ministries for more information, and ask for the Groups department.
Consider reducing your Marketing & Recruiting budget by paying employees for successful referrals. We provide our staff (and anyone outside the company) with 5% of the revenue for a year, when they refer a client to us. It's good for everyone!
Financial Education, such as Financial Peace University by Dave Ramsey, can help plant your employees' feet during tough economic times. Many young people have been raised by affluent parents in boom times, but struggle to navigate the tough reality of 2023. Give them a hand up!
Consult your Benefits Broker about ways to support Childcare Costs
Nutrition & Wellness - consider a healthy snack budget or weekly catered lunch to help employees who may have food insecurities. A wellness stipend of $30/month can help employees get to the gym, and alleviate some of the stress they carry from their 2023 workload.
Consider a PTO donation bank, so employees with unexpected medical leave can receive pay. This needs to be managed by an HR Professional, but is growing in popularity!
Get innovative: Walmart started a side nonprofit organization that supplies grants to employees in financial need. Some similar organizations allow employees to donate towards the fund, and volunteer on committees to support the nonprofit.
Hiring for an expensive role? Consider candidates with less experience. Also, candidates may be willing to take less pay in exchange for flexible work arrangements.
Speaking of flexible work arrangements, consider going remote to save on that office real estate. Ask us for a free consult if you're concerned about how to manage remote productivity.
Consider profit-sharing contributions into retirement savings accounts.
Tell your employees how much you value them. Thankfulness is priceless.
Do you have any thoughts or ideas?
Contribution credits: Elyse Clakley, Anne Dowless, Michelle Tews, Chrissy Watson and Bea Rosenhauch.