And now for the "outside the box" approach.
Since lots of people have differing priorities, what if we could have individual options? Stay with me for just a minute...
What if each year you could choose where you would like that increase to go? Some may choose for all to go into wages. Others may choose all go into retirement, insurance, vacation, etc. Some may choose a mix of the above.
Before anyone says we can't do it that way, think about it. Why NOT?
Today's computerized payroll system would make all of these calculations automatic. Each individual could allocate his/her own compensation increase by area of preference.
First we would need to have parity within the company, as well as the same benefits, as a starting point, to be fair. Then it would only be a mater of establishing a baseline, going forward. You would have a known total compensation value. Your percentage of increase would be based off of that. Which area received the increases (as a percentage) would be a matter of your own choice, presumably within certain parameters (Gov. mandates/insurance come to mind)
Over time your individual package might look quite different from your coworkers', but it would be tailored to you own preferences, not someone else's.
The good thing, a 2% increase would really be a 2% increase (on total compensation), rather than a 2% increase only on the wage portion of your compensation package.
The only bad part, it would make comparative analysis quite difficult IMHO.
Yeah, I'm putting it out there, let's rip it to shreds...
Since lots of people have differing priorities, what if we could have individual options? Stay with me for just a minute...
What if each year you could choose where you would like that increase to go? Some may choose for all to go into wages. Others may choose all go into retirement, insurance, vacation, etc. Some may choose a mix of the above.
Before anyone says we can't do it that way, think about it. Why NOT?
Today's computerized payroll system would make all of these calculations automatic. Each individual could allocate his/her own compensation increase by area of preference.
First we would need to have parity within the company, as well as the same benefits, as a starting point, to be fair. Then it would only be a mater of establishing a baseline, going forward. You would have a known total compensation value. Your percentage of increase would be based off of that. Which area received the increases (as a percentage) would be a matter of your own choice, presumably within certain parameters (Gov. mandates/insurance come to mind)
Over time your individual package might look quite different from your coworkers', but it would be tailored to you own preferences, not someone else's.
The good thing, a 2% increase would really be a 2% increase (on total compensation), rather than a 2% increase only on the wage portion of your compensation package.
The only bad part, it would make comparative analysis quite difficult IMHO.
Yeah, I'm putting it out there, let's rip it to shreds...
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