This new Deloitte article provides an overview of why and how organizations must continuously adapt total rewards strategies to evolving workforce requirements, primarily focusing on greater personalization. In line with this theme, I’m sharing three resources that provide ideas. Organize Your Rewards Package Around Employees’ Critical Life Moments, where Gartner provides ideas for organizing and communicating …
Despite the implementation of increased merit pay in 2023, employers are facing challenges in keeping up with rising inflation and meeting the heightened salary expectations of their employees. In the quest to attract and retain talent within this environment, total rewards leaders are exploring various strategies. This article presents three ideas and approaches to consider: 1) Utilizing alternate …
Organizations invest significant time, resources, and effort into developing a competitive employee value proposition (EVP) that attracts, engages, and retains top talent. However, as employee preferences evolve, it becomes increasingly challenging for organizations to stay informed and ensure that their EVP aligns with workers’ preferences. This article offers ideas for adopting a more systematic approach to …
Pay equity—compensating employees the same when they perform the same or similar job duties while accounting for other factors, such as their experience level, job performance, and tenure with the employer (SHRM)—is a hot topic for many organizations. While much of this attention has been driven by legislation around pay transparency, there is also a …
Pay transparency—the degree to which an organization openly and proactively shares information about salaries—continues to be a workplace topic of interest. I have shared several resources on this topic, such as this PayScale paper showing how pay transparency can be viewed on a spectrum spanning five stages—ranging from “Here’s what you get paid” to “Here’s everything you want to know about …
As organizations shift increasingly toward skills-based talent management, they must consider the impact on various talent practices traditionally built on jobs/roles, such as pay and rewards structure. As noted in this article, “in a traditional reward framework (see Figure 1), a worker’s job title drives their base pay while company and individual performance primarily drive …
As remote and hybrid work continues to take hold in many organizations, employers are re-evaluating various talent policies and practices. One area in which remote and hybrid work has implications is total rewards. This article addresses how the benefits of hybrid work and location flexibility create challenges for total rewards leaders in four areas: 1) the …
Employers continue to adjust work practices and policies to enable remote and hybrid work. And while much of the attention has focused on workers’ preferences for remote work and organizational policies on the topic (e.g., expectations of the number of days in a physical work location), greater attention is now being paid to other implications …
This newly published 16-page paper provides insights into how the role of the Compensation Committee continues to expand beyond its traditional charter. The ideas and learnings are based on interviews with 24 Compensation Chairs, CHROs, and Compensation Consultants across multiple sectors. The paper begins by outlining various factors driving the evolution of the Compensation Committee’s charter, such …
Pay transparency—the degree to which an organization openly and proactively shares information about salaries—continues to be a topic of interest within many organizations. And as I mentioned in a previous post about a Payscale paper, How Fair Pay Perception and Pay Transparency Combat Turnover, one factor drawing attention to pay transparency is recently passed laws in …
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