Leading Your People and Organization Through COVID-19 (Part 5)
Payroll budgets account for one of the largest company costs. In times like these, it is as important as ever to pay careful attention to compensation planning and payouts.
While most of us are already aware that business forecasts can change quickly and dramatically, recent months have been a harsh reminder of the cyclicality of markets. Many contractors began 2020 much the same as prior years, with strong backlogs, positive outlooks, tightened but still highly positive margins, and a continued search for skilled talent. The latter has been a pain point for companies across the engineering and construction (E&C) industries for some time, and initiatives to offer innovative and lucrative compensation packages have been commonplace.
Then the COVID-19 pandemic ensued.
In this fifth part of our COVID-19 series we talk about the need to evaluate compensation and benefits in light of various economic scenarios.
