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Even with economy on the mend, comp & benefits will lag

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in Employee Benefits Program,Hiring,HR Management,Human Resources

by Bill Lindsay

We’ve all heard the good news about the economy: that the recession is crawling to a resolution and things will slowly get back to normal.

Most of the executives I know don’t believe it.

In fact, many financial analysts are predicting that unemployment levels will remain where they are at least through the end of this year, so we have a “jobless recovery” in the making. Now that we have reduced our workforces, frozen salaries, eliminated bonuses and suspended 401(k) matches, the question remains: When the recovery does occur, is any of that going to change?

Employee-focused HR folks are hoping it all will; that we’ll get back to business as usual on the comp and benefits front. But you might want to run that by your chief financial officer.

Most of the CFOs I’ve talked to are going to be loath to revert to 2007 spending levels, even for valuable employee benefits—at least until unemployment drops so low ...(register to read more)

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