I don’t know of ANY companies that do “inflation-based” salary increases.
Cost of living and cost-of-labor (“market price”) are two different things.
That being said, if you have employees who are below the minimum of the
range or low in range despite long service and high performance, then
perhaps “market adjustments” would be appropriate.
Aside from that, we are seeing normal merit budgets in the data, at least
for the time being.
Lisa
On Thu, Aug 18, 2022 at 3:32 PM Timothy Thomas <tt@thekey.com> wrote:
> Given the corrected salary data I would like to proceed with salary
> increases for those who are due and deserve it. Angie are you ok with that?
>
> Am I clear to proceed with inflation based increases? Annualized inflation
> in Canada is 7.1%.
>
> Thanks.
>
> On Thu, Aug 18, 2022 at 11:28 AM Timothy Thomas <tt@thekey.com> wrote:
>
>> That makes more sense.
>>
>> I do believe some of the salary data is inaccurate. I've pulled a list
>> and have asked the local leaders to verify. I should have this to you
>> shortly.
>>
>> On Thu, Aug 18, 2022 at 11:20 AM Dawn Kellerman <dkellerman@thekey.com>
>> wrote:
>>
>>> I did some very quick back-of-the-envelope calculations, using USD vs CAD
>>>
>>> Total Labor % - 11.2
>>> TheKey Standard - 10.6%
>>>
>>> On Thu, Aug 18, 2022 at 10:35 AM Lisa Bazzoni <lisa.bazzoni@thekey.com>
>>> wrote:
>>>
>>>> Hi Dawn,
>>>> My understanding is that finance reports the targets in US dollars, so
>>>> you'll need to convert using whatever methodology has already been
>>>> established with finance.
>>>> LB
>>>>
>>>> On Thu, Aug 18, 2022 at 9:25 AM Dawn Kellerman <dkellerman@thekey.com>
>>>> wrote:
>>>>
>>>>> +Lisa Bazzoni <lisa.bazzoni@thekey.com>
>>>>>
>>>>> Can you confirm if the revenue is in USD?
>>>>>
>>>>> On Thu, Aug 18, 2022 at 10:24 AM Timothy Thomas <tt@thekey.com> wrote:
>>>>>
>>>>>> If we're putting CAD salaries into USD revenue the labor % will be
>>>>>> inflated by the exchange rate, approx 20%.
>>>>>>
>>>>>> Can we hop on a quick call to review this?
>>>>>>
>>>>>> On Thu, Aug 18, 2022 at 10:10 AM Dawn Kellerman <
>>>>>> dkellerman@thekey.com> wrote:
>>>>>>
>>>>>>> Attached is the workbook, I received for revenue. All comp is CAD
>>>>>>>
>>>>>>> On Thu, Aug 18, 2022 at 10:04 AM Timothy Thomas <tt@thekey.com>
>>>>>>> wrote:
>>>>>>>
>>>>>>>> Hi Dawn,
>>>>>>>>
>>>>>>>> Can you please confirm how the revenue forecast was established?
>>>>>>>> Our current run rate as of last week puts us on track for $33,141,109 CAD.
>>>>>>>> Is the labor expense also being converted to USD?
>>>>>>>>
>>>>>>>> Please share the underlying math.
>>>>>>>> Thanks!
>>>>>>>> Tim
>>>>>>>>
>>>>>>>> On Thu, Aug 18, 2022 at 9:58 AM Dawn Kellerman <
>>>>>>>> dkellerman@thekey.com> wrote:
>>>>>>>>
>>>>>>>>> Good Morning Tim & Angie
>>>>>>>>>
>>>>>>>>> Please see attached for Canada, as you will see labor % are very
>>>>>>>>> high, just over 16% and added three to the headcount.
>>>>>>>>>
>>>>>>>>> This includes nominal increases for those that were under the
>>>>>>>>> minimum salary bands, appr. 4 employees. Tim, you had mentioned increases
>>>>>>>>> for some team members (apr 6-8%), if we do those increases, it will put us
>>>>>>>>> over even more.
>>>>>>>>>
>>>>>>>>>
>>>>>>>>> --
>>>>>>>>> Dawn Kellerman
>>>>>>>>> HR Business Partner
>>>>>>>>> * Please note my email has changed: *
>>>>>>>>> dkellerman@thekey.com
>>>>>>>>> <https://brand.thekey.com/esg/dkellerman@thekey.com>
>>>>>>>>> 732-859-1961
>>>>>>>>> TheKey.com <https://www.thekey.com/>
>>>>>>>>> [image: TheKey] <https://homecareassistance.com/>
>>>>>>>>>
>>>>>>>>
>>>>>>>>
>>>>>>>> --
>>>>>>>> Tim Thomas
>>>>>>>> Head of Canada Division
>>>>>>>> *Please note my email has changed:*
>>>>>>>> tt@TheKey.com <Tim.Thomas@TheKey.com>
>>>>>>>> (514) 591-9387
>>>>>>>> TheKey.com <https://www.thekey.com/>
>>>>>>>> [image: TheKey] <https://www.thekey.com/>
>>>>>>>>
>>>>>>>
>>>>>>
>>>>>> --
>>>>>> Tim Thomas
>>>>>> Head of Canada Division
>>>>>> *Please note my email has changed:*
>>>>>> tt@TheKey.com <Tim.Thomas@TheKey.com>
>>>>>> (514) 591-9387
>>>>>> TheKey.com <https://www.thekey.com/>
>>>>>> [image: TheKey] <https://www.thekey.com/>
>>>>>>
>>>>>
>>>>
>>>> --
>>>>
>>>> Lisa Bazzoni, MBA, CCP
>>>> Senior Compensation Consultant
>>>> *Please note my email has changed:*
>>>> lisa.bazzoni@TheKey.com <Lisa.Bazzoni,%20MBA,%20CCP@TheKey.com>
>>>> (847) 924-4401
>>>> TheKey.com <https://www.thekey.com/>
>>>> [image: TheKey] <https://www.thekey.com/>
>>>>
>>>
>>
>> --
>> Tim Thomas
>> Head of Canada Division
>> *Please note my email has changed:*
>> tt@TheKey.com <Tim.Thomas@TheKey.com>
>> (514) 591-9387
>> TheKey.com <https://www.thekey.com/>
>> [image: TheKey] <https://www.thekey.com/>
>>
> --
> Tim Thomas
> Head of Canada Division
> *Please note my email has changed:*
> tt@TheKey.com <Tim.Thomas@TheKey.com>
> (514) 591-9387
> TheKey.com <https://www.thekey.com/>
> [image: TheKey] <https://www.thekey.com/>
>
--
Lisa Bazzoni, MBA, CCP
Senior Compensation Consultant
*Please note my email has changed:*
lisa.bazzoni@TheKey.com <Lisa.Bazzoni,%20MBA,%20CCP@TheKey.com>
(847) 924-4401
TheKey.com <https://www.thekey.com/>
[image: TheKey] <https://www.thekey.com/>