Q. "What should cost of living adjustments look like for 2023?"

Answer:

• We recommend a 9% cost of living adjustment (COLA) this year to keep up with inflation. If you can't give all 9%, try giving staff half this year and half next.

• Raise staff salaries as much as you can–it's cheaper to keep the staff you have than hire someone new! (But remember this only applies if you have the right staff in place.)

• Err on the side of generosity for year-end bonuses. Think four figures, not three. 

• Go the extra mile to retain people who can recruit volunteers! It's better to have fewer people who are paid generously.

• Make employee benefits the last place you cut and the first place you add: Examine health plans and make sure the cost burden is not shifted to the employees. Look into perks like a cell phone plan or consider remote-work agreements as a bonus or reward.

Not sure what your staff should be making? Check out our Compensation Audit & Analysis!