Is Your Compensation System Up-to-Date?

Six steps for employers to follow in a shifting compensation landscape.

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Updating Compensation   These are interesting times when it comes to compensation. The shifts that have been driving changes to employers' pay systems—and, in some cases, knocking pay levels out of alignment with historical trends and organizational budgets—show no signs of easing. Competition for talent? Check. Wage pressures? Check. More pay transparency laws? Check. Pay equity questions? Check. All these issues are jostling for attention among normal business and competitive priorities. How well organizations manage the situation will have a significant impact on their competitiveness as a business and as an employer. These six steps can help business leaders as they move ahead on this journey into a rapidly evolving future of compensation.   Read More     ADVERTISEMENT       Employers Eye More-Modest Pay Increases in 2024   U.S. employers are planning smaller pay increases in 2024 compared to this year, but compensation increases are still well above pre-pandemic levels. Read More     Explore Further   SHRM provides business leaders with information and resources to keep their compensation systems up-to-date. Growth in Total Compensation Cost Slows for Employers Employers spent more on employees' overall compensation from March to June this year, but the pace at which they're hiking total compensation is slowing. SHRM Toolkit: Building a Market-Based Pay Structure from Scratch Creating a new base pay structure or revising an existing structure to meet changing needs can seem challenging at best. The compensation system development process, however, does not have to be overwhelming. Technology Can Be Used to Achieve Pay Equity To achieve the maximum benefit from a mature pay equity practice, human resource executives will need the right technology to generate critical data. SHRM Toolkit: Managing Pay Equity To effectively recruit and retain employees, an organization must have internal equity, which allows employees to feel that they're being rewarded fairly based on performance, skills and other job requirements. SHRM Compensation Data Center SHRM partners with Salary.com to offer compensation solutions through the SHRM Compensation Data Center. Get the trusted HR-reported data, intuitive software and insights you need to make smart decisions and get pay right.     Every Saturday, All Things Work from HR Magazine provides thoughtful insights into the rapidly transforming nature of work and the workplace, and how HR, decision-makers and organizations worldwide are navigating and leading this change.       Connect with us on social!              1800 Duke Street, Alexandria, Virginia 22314 USA Contact Us | shrm.org This email was sent to manojdole1.Architectural@blogger.com. This email may contain advertisements. Unsubscribe or Change Email Preferences | Terms of Use | Privacy Policy © 2023 SHRM. All rights reserved.