This week’s question to South Florida CEOs who are on the Miami Herald CEO Roundtable: Has your company raised wages this year? Why or why not?
Community Care Plan has raised wages this year by rewarding positive performance. CCP also routinely evaluates our current pay ranges versus the competitive regional and industry-specific marketplace.
John Benz, president, CEO, Community Care Plan
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Since the implementation of the tax cuts, our organization’s after-tax profits will rise, therefore at the beginning of this year, we decided to re-evaluate the salaries of all associates and were able to increase salaries significantly to most on our team. We also have created a few new positions in order to serve our customers better.
Armando Caceres, CEO, founder, All Florida Paper
Our firm has been doing well for a number of years. We maintain competitive rates in our industry.
Kelly-Ann Cartwright, executive partner, Holland & Knight Miami chair of the firm’s Directors Committee
In a service industry such as ours, employee wages are our highest expense. We have added 10 new positions over the past year and as such, our wage expense has increased significantly. We have always been happy to promote from within and reward employees with greater responsibilities, resulting in higher pay levels commensurate to the new roles created.
Ralph De La Rosa, president, CEO, Imperial Freight
Al-Farooq Corporation has raised wages on average by at least 10 percent this year. We are lucky to be in a time of plentiful opportunities within the construction and architectural fields.
Jalal Farooq, principal, Al-Farooq Corporation
The University of Miami increased wages this year to recognize high-performing faculty and staff. We strive to maintain a competitive total compensation package in order to attract and retain talented, motivated, and diverse team members.
Dr. Julio Frenk, president, University of Miami
We don’t make it a habit of giving raises across the board. We are continually evaluating our employees and giving raises based on performance.
Kaizad Hansotia, founder, CEO, Gurkha Cigars
Over the past several years, we have increased salaries in excess of cost-of-living increases, and we will expand our staff headcount by 20 percent this year.
Javier Holtz, chairman, CEO, Marquis Bank
Yes, however while we don’t release wage information, we do track market wages to remain competitive and continue to attract and retain the best talent.
Camilo Miguel Jr., founder, CEO, Mast Capital
We are a start-up company. We are working toward a goal of all employees getting competitive wages as well as benefits!
Noreen Sablotsky, founder, CEO, Imalac
Yes, we provide consistent inflationary adjustments and we base salary increases on individual performance (pay-for-performance). We also offer bonus plans tied to company performance to align compensation with the success of the organization. We continue to look for ways to retain the best talent and remain a competitive employer in the market.
Steve Upshaw, CEO, Cross Country Home Services
THE MIAMI HERALD CEO ROUNDTABLE IS A WEEKLY FEATURE THAT APPEARS IN BUSINESS MONDAY OF THE MIAMI HERALD. RECENT QUESTIONS HAVE INCLUDED