Carved in Stone?

by | Jan 12, 2021 | Corporate Culture, Diversity, Equity, Inclusion, Future of Work, Human Capital, Innovation, Leadership Agility, Strategy, Work Place

By Lisa Aggarwal

Every day, I’m amazed by the innovation I have seen since the Covid-19 pandemic began. In order to survive, virtually every company has been asked to evolve and change the trajectory of its business. Every person has made changes to their routine and how they operate on a daily basis. 

For those companies whose fiscal calendar begins on January 1, the traditional annual merit cycle is upon them. The good news: organizations who are managing to thrive despite a worldwide pandemic (i.e., not the restaurant and hospitality industries) are still planning on giving their employees raises. 

Yet, the annual merit increase isn’t as “traditional” as you might think. Some of you might remember the days when you received a raise on the anniversary of your hire date. One of my colleagues recounts when moving to a yearly increase was unheard of, needing at least a year of change management for employees to understand why it would be any other way—or why it even happened this way in the first place. 

As CHRC has been researching how companies are coping with this year’s cycle, the overwhelming answer is: it depends. According to a recent study by the Economic Research Institute, annual salary budgets remain around 3.0%, but many companies are only implementing actual increases around 2.2%. Some of that gap may be avoided by thinking strategically. Here are some questions to consider:

  • Do you need to work on an annual review cycle, or should salary reviews only be done if revenue targets are met? Can that be quarterly, or can you wait until business recovers? 
  • Should you focus on promotions or retaining your high performers who, according to many reports, are still able to find new jobs with relative ease?
  • Are your compensation programs and structures aligned with the external marketplace? Have any of your roles been affected by increases in your state or city minimum wage as of January 1? With remote working, do you now compete nationally for talent?
  • What programs is your company implementing to address burnout and the around the clock work from home cycle? A recent study by AON indicated that the #1 concern when it comes to retaining female employees is not only childcare…it’s wellbeing. That concern doesn’t stop at the gender line. Do you need to think beyond Total Rewards to Total Wellbeing?

The more creative you are with how your financial resources are invested, the better you will be able to redeploy your assets. Are your merit increase cycles ready for a little innovation, or are they carved in stone?

The Clue in the Puzzle

The Clue in the Puzzle

by | Jan 5, 2021 | Creativity at Work, Human Capital, Innovation, Inspiration, Productivity, Skilled Labor, Strategy, Work Place

Over the holidays, I hung out with one of my most inspirational friends from my adolescence. We spent many hours together reliving her many escapades (and the ways in which she inspired me to ride along on her adventures), even though I will never be as brave as she is. We even giggled about her hairdos and fashions. Don’t worry, we were socially distant the whole time—Nancy Drew was safely ensconced in the covers of her mysteries that made up this year’s holiday puzzle.  

Unlike last year’s ridiculous puzzle undertaking, this year’s was not frustrating—it was fun. While no one else in my family helped, many other things did help with this puzzle. Intimately knowing the artwork of many of these covers, the ability to discern the difference between fashion across the decades, and then of course, an eye for fonts.   

At some point in the endeavor, I was struck by a thought that differed from last year’s insight.  It was at the point when you have done enough of the hard work that you notice a piece, recognize the color scheme or font, and remark, “Oh, I know where this belongs.” I started thinking about the types of Aha! moments that only come from long hours and deep thinking—a shortcut won’t get you there. It is only from studying something and understanding its nature, from having the patience to get to that point, that you can make a break-through. My mind immediately went to the scientists who developed the Covid vaccines in record time. They have spent careers doing the equivalent of 20,000 piece jigsaw puzzles. Their knowledge base far exceeded color schemes and fonts, but at the core of the development, patience.

So, I spent the rest of my time with Nancy pondering patience. What in our lives today (pre-Covid) fosters patience? In an age when many kids grow up with knowledge, entertainment, and transportation, amongst other things, at the tip of their fingers, how do we impart the value and lessons of patience to them?

We should all be extremely grateful to all the scientists who developed the Covid-19 vaccines in record time. Their patience and deep thinking was the key to solving the world’s biggest challenge.