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October 30, 2023 Edition
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Boots on the ground: LLBean’s Gorman sheds light on family, non-family roles at 111-year-old firm

Renee Cordes

"Having worked in the business for over 20 years before becoming chairman, the first thing I realized is that this is a very different leadership role," says Shawn Gorman, executive board chairman of the Freeport based manufacturer and retailer.

Today's Poll

Overall, how is your business planning to adjust employee pay in 2024?
Poll Description

Sponsored by: GoNetspeed, a fiber internet provider

With the approach of a new year come new budgets — and for some workers, new expectations about what they'll find in their paychecks.

A recent survey of U.S. employers by consulting firm Mercer found they plan to raise budgets for nonunion compensation by an average of 3.5% in merit increases and 3.9% overall during 2024. 

Those numbers are slightly less than the increases employers have actually shelled out in 2023.

Budgeting is a calculated risk. Going into 2024, the labor market is still tight and workers still exert leverage. However, inflation is less of a concern and layoffs have been soaring.

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