Market reactions to COVID-19 and the economic downturn that followed have had a profound effect on many employers’ workforce strategies. A recent tight labor market immediately started to unwind in 2020 with increased furloughs, workforce reductions, hiring freezes and changes to salary increase budgets due to COVID-19. 

A better understanding of these trends will help you address the unique challenges of the global pandemic. And developing a sustainable pay model is key to building a more relevant and flexible total rewards strategy that adapts to changing workforce needs and organizational goals.

The 2020/2021 Salary Planning Survey Report provides detailed information and insights on salary and compensation practices to help employers compare their company’s salary strategy to the overall market and stay competitive. Market trends and pay practices are broken out by region, organization size, and for-profit and nonprofit ownership structure.

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Gallagher Benefit Services, Inc., a wholly owned subsidiary of Arthur J. Gallagher & Co., is a non-investment firm that provides employee benefit and retirement plan consulting services to employers. Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Not all individuals of Gallagher are registered to offer securities through Kestra IS or investment advisory services through Kestra AS. Kestra IS and Kestra AS are not affiliated with Arthur J. Gallagher & Co. or Gallagher Benefit Services, Inc. Neither Kestra IS, Kestra AS, Arthur J. Gallagher & Co., their affiliates or representatives provide accounting, legal or tax advice.

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