It's time to start looking toward the future and plan for the upcoming year. Let’s face it — the past few years have been a doozy and focusing on a new year, hopefully with a fresh start, is welcome.

• Assessing the impact of inflation and a tight labor market on our organization, should we modify our compensation philosophy and market pricing approach for 2023?
• With inflation soaring, what should we budget for increases in 2023?
• How do I know if I’m paying competitively in the “new normal”?
• I have a smaller budget this year for surveys; how do I decide which vendor/surveys to purchase?
• What risks could we encounter if we age our survey data versus purchase new data?
• If we cannot pay out incentives or provide merit increases, are there other perks we should be considering for our employees to keep them engaged?

We hear you! These questions, and many more, are top of mind for our clients as everyone is doing their best to operate in an ever-changing world. Everyone is trying to make decisions in the best interest of their company and their colleagues. Operating with empathy while keeping economics in mind is the name of the game for 2022 and beyond.

Mercer is responding by taking new actions to provide you with the most up-to-date, accurate data and insight to support your decision-making in this challenging time. From making sure our annual salary survey data is relevant, to administering pulse surveys on a variety of topics.

Just as we have for 75 years, we’ve got your back.

Importance of relevant data and insights

Most companies are well into the process of replacing temporary plans with longer-term plans, considering whether being in the office versus virtual working or a hybrid approach is best. They are considering how to adjust performance targets for the future, re-focusing teams on priorities — generally, figuring out how to operate going forward.

Not only does salary data still matter, but perhaps now it’s more important than ever. You will be asked to provide input for an annual salary increase budget for 2023. That means you will need a clear understanding of 1) what are the jobs/roles and functions that are critical as your company moves forward and 2) how competitively are the employees in those roles paid.

Aging your data from last year will not provide you with accurate compensation data going into 2023.

Aging your data from last year will not provide you with accurate compensation data going into 2023. Since industries, as well as different jobs/professions, are feeling the impact of the pandemic differently, applying an aging factor to your data will not capture important nuances that will inform how you position pay for the future.

Breadth, longevity, and stability

While Mercer has made tactical plans to ensure we support you, there’s another reason to trust Mercer to provide the data and insights you need.

We have a long history of providing insight, data, and consulting services with excellence and integrity. Any business activities we have gone through, such as acquiring a company, have been handled with extreme care to minimize both the impact to our clients and the employees involved. With our global reach, deep industry experience, and multi-faceted solution portfolio, Mercer is the best choice for providing consistent, reliable data and insights to help you make decisions today that will let your organization thrive in the future.

At the end of the day, our goal is to ensure that you always have available to you the most accurate and quality data possible and the best customer service. Contact us at 866-605-1031. We’re here, ready to help.

Mercer’s got your back!