Should Corporate America Scrap the Annual Pay Raise?
This week, it was announced that General Electric is considering eliminating the annual pay raise in lieu of other forms of compensation to better compete for and retain top talent. The company is also exploring separating pay from performance reviews.
i4cp is well known for its research into performance management next practices, especially as it relates to organizations abandoning or significantly altering traditional performance reviews. Several of our member companies, including Microsoft and REI (watch a presentation on how REI threw out traditional annual performance reviews), have made the transition.
The idea of moving away from annual pay raises entirely, meanwhile, speaks to broader issues regarding the evolution of work and the rise of non-traditional work arrangements, demands of millennial employees and high performers (flexible work arrangements, more paid time off, concierge perks, etc.), and overall corporate culture.
Mark Englizian, chair of i4cp's Total Rewards Leader Board and former Chief Human Resources Officer of Walgreens, sat down with Tyler Mathisen and Sue Herera of PBS and CNBC's Nightly Business Report to talk about the significance of GE's considerations (and to note, they are just considerations). Watch the interview now:
As vice president of marketing at i4cp, Erik is currently responsible for all marketing efforts for the company and works alongside several departments to execute organizational initiatives. He also oversees web development projects. Located in Seattle, WA, he brings over 15 years of Internet marketing experience, most of which are in the research industry.
Prior to i4cp, Erik worked as Internet Marketing Director at market research panel company GMI, where he was responsible for global online marketing and panel growth in several countries. He also managed the graphic design team and worked extensively with other departments on process improvements and plan development. GMI experienced exceptional revenue growth - several hundred percent - during his tenure. Prior to GMI, Erik founded FilmJabber.com, a movie review and information website that continues to grow in popularity and traffic.
Erik received a B.A. in Business Administration with a concentration in Management Information Systems from Western Washington University.