Business Transformation Salary
Business Transformation Salary – 2020 was a year like we have never experienced before. Businesses have had to make tough and unprecedented decisions around people and pay just to stay afloat. Organizations around the world, in almost every industry sector, face enormous constraints on financial rewards.
A just-released survey by Korn Ferry found a sharp increase in the number of organizations globally that are not planning pay increases for the majority of their employees in 2021, including those that gave little or no raises in 2020. Those organizations that are planning pay increases anticipate giving much smaller increases than this time last year and, with continued uncertainty surrounding COVID-19, actual increases could be even smaller. Many of those businesses planning raises are also taking a targeted approach, raising wages for only the most critical employees and functions.
Business Transformation Salary
How can these organizations ensure their employees continue to feel valued and rewarded—even if pay raises and other financial rewards are off the table? To retain talent, they will have to be creative with what they can offer. Non-cash rewards are more important than ever.
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While financial rewards are key to attracting talent to organizations, non-financial rewards can be essential differentiators when it comes to retaining talent. They can also improve the physical, emotional and financial well-being of employees, which in turn leads to a more engaged, productive workforce. Therefore, the “total rewards” approach is a smart move.
Non-cash rewards also outweigh the benefits. For technical, professional and managerial employees, having clear career paths and plenty of development opportunities are key drivers of satisfaction and retention.
And the good news is that investing in individual development across the business is a win-win. Employees feel valued and organizations benefit from a strong internal talent pipeline. Developing employees’ cognitive talents (agility, inclusiveness, leadership) and technical capabilities (sales, project management, people development) can ensure both employee engagement and help meet strategic business goals.
Given the transformative effects of the pandemic, organizations should not assume that their overall reward philosophy and design is still aligned with what their employees will value most. Employees are rethinking their personal lives, what they want professionally, and what they expect from the rewards offered by their employer.
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What’s important is for organizations to listen and understand how their people have been affected, and then measure potential changes to their rewards program to support them. This is an opportunity for management to think more creatively about reward, performance and talent management strategies.
Since March, we’ve been tracking the impact of the COVID-19 pandemic on rewards programs around the world through a series of pulse surveys. We combined these findings with our comprehensive Korn Ferry salary data and our expertise in local market awards to provide our clients with expected salary increases for 2021. months ahead.
So what impact will the pandemic have on wage increases in 2021? The data shows two key trends:
The most significant change in expected wage increases for 2021 is that the percentage of organizations that do not plan a wage increase for most of their employees is significantly higher than in previous years. A third of organizations plan to raise less than 50% of their general employee population and more than three times as many organizations than last year plan to skip raises altogether. Only 35% of survey respondents said 100% of employees will be eligible for raises in 2021. With the recent resurgence of COVID-19 cases around the world resulting in an increase in government-imposed lockdowns, there is a possibility that even fewer employees will receive a raise.
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After the extreme volatility of the past nine months, organizations are understandably cautious, especially those in the industries that have been hardest hit. Our latest Pulse survey found that 91% of leisure and hospitality organizations (along with 57% in non-core retail and 44% in banking) expect a significant to severe annual decline in revenue. GDP numbers around the world are down. And despite encouraging news about vaccine trials, the fog of uncertainty created by COVID-19 has yet to lift.
To have the greatest impact with the limited funds available, organizations should target rewards for critical talent and top performers. Organizations we surveyed in our third global Pulse survey in May told us that performance management is a top priority for them over the balance of the year and heading into 2021 – and with good reason. If businesses are choosing to be more targeted about who they give a raise to, rather than handing it out to everyone, then it’s critical that they can objectively identify the key functions and individuals that contribute to their success.
So who gets a raise and who doesn’t? There are two groups of key workers that organizations should prioritize. They are:
For those organizations providing pay increases, the headline numbers are lower than this time last year. Expected wage increases are 2.5% for North America, 2.1% for Western Europe and 2.0% for the Pacific, down from annual increases of 0.3%, 0.4% and 0.5%. respectively. Last year, the expected wage increase in Eastern Europe was 6.2%, but this has been reduced to 5.0% in the coming year. Africa has the largest year-on-year decrease, with next year’s headline increase of 5.0%, down 2.9% from the previous year.
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However, in countries where inflation is particularly low, employees may see their real wages rise – the UK is a good example. The basic pay increase in 2021 is 1.9%, significantly lower than last year’s planned increase of 2.5%, but with inflation of just 0.4%, the “real” increase in 2021 is 1.5% compared to 0.4% last year.
Data presented as headline (including inflation) and real (without inflation) values, including and excluding organizations planning zero wage increases.
Again, it’s important to remember that these are planned, not actual increases. Data is a moving target that depends on recovery. If additional waves of COVID-19 occur, then actual wage increases are likely to be lower and less than expected.
We’re sharing this salary increase data to help you make better, more informed salary decisions for 2021. But while the report’s data is a great place to start, it’s by no means the whole story.
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You should use the data in conjunction with other efforts, considering your business strategy, cost structure, and employee base. And it’s critical, given the sectoral impacts of the COVID-19 pandemic, that organizations evaluate decisions in the context of their specific talent markets and compare them to regional or country averages.
It’s also important to remember that salary isn’t everything. As we’ve seen, there are many non-cash levers that businesses can pull to ensure that all their people feel valued, engaged and committed.
Korn Ferry is a leader in all areas of reward optimization, from performance management programs to career frameworks and external pay benchmarks to total rewards strategy. Designed around the opportunities and challenges your organization will face over the coming years, our solutions can help you engage and empower your workforce, eliminate waste, and attract and retain world-class talent. your business needs.
Discover the key steps to developing a fit-for-purpose total rewards strategy in these turbulent and unpredictable times in our latest paper on total rewards optimization.
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With markets changing rapidly and the future looking increasingly uncertain, it is more critical than ever to provide organizations with salary trends for the year ahead.
We refined and improved our methodology for the 2021 salary survey, combining the current data we collect from 25,000 clients in over 150 countries with additional data collected at key points throughout the year. This gives us several sources of information:
Because some organizations indicated that they would not provide salary increases in the coming year, we also divided the data into two groups: all organizations (including those planning zero increases) and only those organizations planning increases (which excludes those that plan zero increases). To understand how far the market will move next year, it is better to use figures that include organizations that give zero increases. However, organizations looking to determine potential pay decisions will get a clearer view of the raises other organizations are planning if they use numbers that exclude those giving zero raises. What are the typical salaries of business architects across the spectrum? Are business architects’ salaries a measure of their competence and added value or an anomaly? As the discipline of business architecture emerges and becomes established as a mainstream discipline, and business architect titles become more widely known, and more importantly, as business architects deliver exponential value beyond their salary, things will fundamentally change for the better.
If you’re considering a career as a business architect and looking for salary information, or you’re already a business architect and looking for benchmarks and trends to pin down your salary and compensation, let’s dive right in.
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According to Glassdoor, the national average compensation a business architect makes is $135,000.
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