We are excited today to release our flagship 2024 Compensation Best Practices Report! Now in its 15th year and the largest report of its kind, the report distills key data and insights from our annual survey of compensation professionals and HR leaders, revealing the latest workplace and compensation trends in the wake of high inflation, pay transparency legislation, and slowed economic growth. Some of the most important insights revealed in our analysis show that: 💼 Compensation strategy is a major concern in 2024, with 50% of HR leaders identify compensation management as their primary challenge, ahead of recruiting (44%), retention (42%), and engagement (37%). While only 53% have a formal strategy in place, there’s a push towards establishing one and improving pay conversation training among managers. 🔍 Pay transparency is a growing trend, with 60% of organizations now posting pay ranges, up from 45% in 2023. This move towards transparency is influencing workplace dynamics, leading to increased inquiries from employees about their compensation. 💸 Organizations anticipate a slight decrease in average base pay increases to 4.5% in 2024 from 4.8% in 2023. Despite a lower forecast, some industries could see hikes as high as 6%. Notably, only 79% of organizations plan to give raises, a drop from 86% last year. 🛠️ In 2024, 34% of organizations have eliminated degree requirements for salaried roles, with 58% focusing on compensating for competitive skills, indicating a shift towards skill-based pay and away from traditional education prerequisites. As we look to the economic and job-market landscape lying ahead of us in 2024, our Compensation Best Practices Report offers a comprehensive analysis of the current compensation environment. As our own Chief People Officer, Lexi Clarke, explains: "This year’s report tells us that while the economy may be in flux, employee expectations have not swayed... The compensation space is evolving faster than ever—leveraging quality data resources... will help HR teams catch up and stay on top of changes as the evolution continues." Read the full report today 👉 https://lnkd.in/dsauyJ3A.
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The most comprehensive report in the compensation data & technology category. No other vendor comes close to producing this type of trending data and market analysis. Download full report 👇 #compensationdata #compensationmanagement #paytransparency
We are excited today to release our flagship 2024 Compensation Best Practices Report! Now in its 15th year and the largest report of its kind, the report distills key data and insights from our annual survey of compensation professionals and HR leaders, revealing the latest workplace and compensation trends in the wake of high inflation, pay transparency legislation, and slowed economic growth. Some of the most important insights revealed in our analysis show that: 💼 Compensation strategy is a major concern in 2024, with 50% of HR leaders identify compensation management as their primary challenge, ahead of recruiting (44%), retention (42%), and engagement (37%). While only 53% have a formal strategy in place, there’s a push towards establishing one and improving pay conversation training among managers. 🔍 Pay transparency is a growing trend, with 60% of organizations now posting pay ranges, up from 45% in 2023. This move towards transparency is influencing workplace dynamics, leading to increased inquiries from employees about their compensation. 💸 Organizations anticipate a slight decrease in average base pay increases to 4.5% in 2024 from 4.8% in 2023. Despite a lower forecast, some industries could see hikes as high as 6%. Notably, only 79% of organizations plan to give raises, a drop from 86% last year. 🛠️ In 2024, 34% of organizations have eliminated degree requirements for salaried roles, with 58% focusing on compensating for competitive skills, indicating a shift towards skill-based pay and away from traditional education prerequisites. As we look to the economic and job-market landscape lying ahead of us in 2024, our Compensation Best Practices Report offers a comprehensive analysis of the current compensation environment. As our own Chief People Officer, Lexi Clarke, explains: "This year’s report tells us that while the economy may be in flux, employee expectations have not swayed... The compensation space is evolving faster than ever—leveraging quality data resources... will help HR teams catch up and stay on top of changes as the evolution continues." Read the full report today 👉 https://lnkd.in/dsauyJ3A.
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Sales proposal and strategy expert focused on creating a shared understanding around pay equity and transparency!
Check out our 2024 CBPR for important insights on compensation trends and more!
We are excited today to release our flagship 2024 Compensation Best Practices Report! Now in its 15th year and the largest report of its kind, the report distills key data and insights from our annual survey of compensation professionals and HR leaders, revealing the latest workplace and compensation trends in the wake of high inflation, pay transparency legislation, and slowed economic growth. Some of the most important insights revealed in our analysis show that: 💼 Compensation strategy is a major concern in 2024, with 50% of HR leaders identify compensation management as their primary challenge, ahead of recruiting (44%), retention (42%), and engagement (37%). While only 53% have a formal strategy in place, there’s a push towards establishing one and improving pay conversation training among managers. 🔍 Pay transparency is a growing trend, with 60% of organizations now posting pay ranges, up from 45% in 2023. This move towards transparency is influencing workplace dynamics, leading to increased inquiries from employees about their compensation. 💸 Organizations anticipate a slight decrease in average base pay increases to 4.5% in 2024 from 4.8% in 2023. Despite a lower forecast, some industries could see hikes as high as 6%. Notably, only 79% of organizations plan to give raises, a drop from 86% last year. 🛠️ In 2024, 34% of organizations have eliminated degree requirements for salaried roles, with 58% focusing on compensating for competitive skills, indicating a shift towards skill-based pay and away from traditional education prerequisites. As we look to the economic and job-market landscape lying ahead of us in 2024, our Compensation Best Practices Report offers a comprehensive analysis of the current compensation environment. As our own Chief People Officer, Lexi Clarke, explains: "This year’s report tells us that while the economy may be in flux, employee expectations have not swayed... The compensation space is evolving faster than ever—leveraging quality data resources... will help HR teams catch up and stay on top of changes as the evolution continues." Read the full report today 👉 https://lnkd.in/dsauyJ3A.
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Program Manager II, Education | Learning and Development Specialist-Facilitator | Content Developer | Enablement | Course Design
Whether you're a Compensation Specialist, or simply someone who wants to know more about #pay, & #paytransparency be sure to check out Payscale's 2024 Compensation Best Practices Report!
We are excited today to release our flagship 2024 Compensation Best Practices Report! Now in its 15th year and the largest report of its kind, the report distills key data and insights from our annual survey of compensation professionals and HR leaders, revealing the latest workplace and compensation trends in the wake of high inflation, pay transparency legislation, and slowed economic growth. Some of the most important insights revealed in our analysis show that: 💼 Compensation strategy is a major concern in 2024, with 50% of HR leaders identify compensation management as their primary challenge, ahead of recruiting (44%), retention (42%), and engagement (37%). While only 53% have a formal strategy in place, there’s a push towards establishing one and improving pay conversation training among managers. 🔍 Pay transparency is a growing trend, with 60% of organizations now posting pay ranges, up from 45% in 2023. This move towards transparency is influencing workplace dynamics, leading to increased inquiries from employees about their compensation. 💸 Organizations anticipate a slight decrease in average base pay increases to 4.5% in 2024 from 4.8% in 2023. Despite a lower forecast, some industries could see hikes as high as 6%. Notably, only 79% of organizations plan to give raises, a drop from 86% last year. 🛠️ In 2024, 34% of organizations have eliminated degree requirements for salaried roles, with 58% focusing on compensating for competitive skills, indicating a shift towards skill-based pay and away from traditional education prerequisites. As we look to the economic and job-market landscape lying ahead of us in 2024, our Compensation Best Practices Report offers a comprehensive analysis of the current compensation environment. As our own Chief People Officer, Lexi Clarke, explains: "This year’s report tells us that while the economy may be in flux, employee expectations have not swayed... The compensation space is evolving faster than ever—leveraging quality data resources... will help HR teams catch up and stay on top of changes as the evolution continues." Read the full report today 👉 https://lnkd.in/dsauyJ3A.
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It’s that time of year again! If you’re in the HR/comp space and interested and getting a quick overview of Payscale’s latest updates, feel free to message me! #payispowerful
We are excited today to release our flagship 2024 Compensation Best Practices Report! Now in its 15th year and the largest report of its kind, the report distills key data and insights from our annual survey of compensation professionals and HR leaders, revealing the latest workplace and compensation trends in the wake of high inflation, pay transparency legislation, and slowed economic growth. Some of the most important insights revealed in our analysis show that: 💼 Compensation strategy is a major concern in 2024, with 50% of HR leaders identify compensation management as their primary challenge, ahead of recruiting (44%), retention (42%), and engagement (37%). While only 53% have a formal strategy in place, there’s a push towards establishing one and improving pay conversation training among managers. 🔍 Pay transparency is a growing trend, with 60% of organizations now posting pay ranges, up from 45% in 2023. This move towards transparency is influencing workplace dynamics, leading to increased inquiries from employees about their compensation. 💸 Organizations anticipate a slight decrease in average base pay increases to 4.5% in 2024 from 4.8% in 2023. Despite a lower forecast, some industries could see hikes as high as 6%. Notably, only 79% of organizations plan to give raises, a drop from 86% last year. 🛠️ In 2024, 34% of organizations have eliminated degree requirements for salaried roles, with 58% focusing on compensating for competitive skills, indicating a shift towards skill-based pay and away from traditional education prerequisites. As we look to the economic and job-market landscape lying ahead of us in 2024, our Compensation Best Practices Report offers a comprehensive analysis of the current compensation environment. As our own Chief People Officer, Lexi Clarke, explains: "This year’s report tells us that while the economy may be in flux, employee expectations have not swayed... The compensation space is evolving faster than ever—leveraging quality data resources... will help HR teams catch up and stay on top of changes as the evolution continues." Read the full report today 👉 https://lnkd.in/dsauyJ3A.
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Author, creative writer, thought leader and content marketer for HR technology and professional services, emphasis on job search, workplace equity, and social listening.
Payscale's Compensation Best Practices Report is live! More commentary later, but check it out now, share it in your feeds, and follow me for future research and insights on compensation management best practices.
We are excited today to release our flagship 2024 Compensation Best Practices Report! Now in its 15th year and the largest report of its kind, the report distills key data and insights from our annual survey of compensation professionals and HR leaders, revealing the latest workplace and compensation trends in the wake of high inflation, pay transparency legislation, and slowed economic growth. Some of the most important insights revealed in our analysis show that: 💼 Compensation strategy is a major concern in 2024, with 50% of HR leaders identify compensation management as their primary challenge, ahead of recruiting (44%), retention (42%), and engagement (37%). While only 53% have a formal strategy in place, there’s a push towards establishing one and improving pay conversation training among managers. 🔍 Pay transparency is a growing trend, with 60% of organizations now posting pay ranges, up from 45% in 2023. This move towards transparency is influencing workplace dynamics, leading to increased inquiries from employees about their compensation. 💸 Organizations anticipate a slight decrease in average base pay increases to 4.5% in 2024 from 4.8% in 2023. Despite a lower forecast, some industries could see hikes as high as 6%. Notably, only 79% of organizations plan to give raises, a drop from 86% last year. 🛠️ In 2024, 34% of organizations have eliminated degree requirements for salaried roles, with 58% focusing on compensating for competitive skills, indicating a shift towards skill-based pay and away from traditional education prerequisites. As we look to the economic and job-market landscape lying ahead of us in 2024, our Compensation Best Practices Report offers a comprehensive analysis of the current compensation environment. As our own Chief People Officer, Lexi Clarke, explains: "This year’s report tells us that while the economy may be in flux, employee expectations have not swayed... The compensation space is evolving faster than ever—leveraging quality data resources... will help HR teams catch up and stay on top of changes as the evolution continues." Read the full report today 👉 https://lnkd.in/dsauyJ3A.
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Is your organization getting serious about compensation yet? This report says it all. Reach out for a personalized demo for your organization with my Account Executive, Mitch Weintraub!
We are excited today to release our flagship 2024 Compensation Best Practices Report! Now in its 15th year and the largest report of its kind, the report distills key data and insights from our annual survey of compensation professionals and HR leaders, revealing the latest workplace and compensation trends in the wake of high inflation, pay transparency legislation, and slowed economic growth. Some of the most important insights revealed in our analysis show that: 💼 Compensation strategy is a major concern in 2024, with 50% of HR leaders identify compensation management as their primary challenge, ahead of recruiting (44%), retention (42%), and engagement (37%). While only 53% have a formal strategy in place, there’s a push towards establishing one and improving pay conversation training among managers. 🔍 Pay transparency is a growing trend, with 60% of organizations now posting pay ranges, up from 45% in 2023. This move towards transparency is influencing workplace dynamics, leading to increased inquiries from employees about their compensation. 💸 Organizations anticipate a slight decrease in average base pay increases to 4.5% in 2024 from 4.8% in 2023. Despite a lower forecast, some industries could see hikes as high as 6%. Notably, only 79% of organizations plan to give raises, a drop from 86% last year. 🛠️ In 2024, 34% of organizations have eliminated degree requirements for salaried roles, with 58% focusing on compensating for competitive skills, indicating a shift towards skill-based pay and away from traditional education prerequisites. As we look to the economic and job-market landscape lying ahead of us in 2024, our Compensation Best Practices Report offers a comprehensive analysis of the current compensation environment. As our own Chief People Officer, Lexi Clarke, explains: "This year’s report tells us that while the economy may be in flux, employee expectations have not swayed... The compensation space is evolving faster than ever—leveraging quality data resources... will help HR teams catch up and stay on top of changes as the evolution continues." Read the full report today 👉 https://lnkd.in/dsauyJ3A.
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Payscale's 2024 Comp Best Practices Report has been published. Comp strategy is a major concern in 2024, with 50% of HR leaders identifying comp management as their primary challenge, ahead of recruiting (44%), retention (42%), and engagement (37%). While only 53% have a formal strategy in place, there’s a push towards establishing one and improving pay conversation training among managers. Please reach out if you or your clients are in need of comp resources and support.
We are excited today to release our flagship 2024 Compensation Best Practices Report! Now in its 15th year and the largest report of its kind, the report distills key data and insights from our annual survey of compensation professionals and HR leaders, revealing the latest workplace and compensation trends in the wake of high inflation, pay transparency legislation, and slowed economic growth. Some of the most important insights revealed in our analysis show that: 💼 Compensation strategy is a major concern in 2024, with 50% of HR leaders identify compensation management as their primary challenge, ahead of recruiting (44%), retention (42%), and engagement (37%). While only 53% have a formal strategy in place, there’s a push towards establishing one and improving pay conversation training among managers. 🔍 Pay transparency is a growing trend, with 60% of organizations now posting pay ranges, up from 45% in 2023. This move towards transparency is influencing workplace dynamics, leading to increased inquiries from employees about their compensation. 💸 Organizations anticipate a slight decrease in average base pay increases to 4.5% in 2024 from 4.8% in 2023. Despite a lower forecast, some industries could see hikes as high as 6%. Notably, only 79% of organizations plan to give raises, a drop from 86% last year. 🛠️ In 2024, 34% of organizations have eliminated degree requirements for salaried roles, with 58% focusing on compensating for competitive skills, indicating a shift towards skill-based pay and away from traditional education prerequisites. As we look to the economic and job-market landscape lying ahead of us in 2024, our Compensation Best Practices Report offers a comprehensive analysis of the current compensation environment. As our own Chief People Officer, Lexi Clarke, explains: "This year’s report tells us that while the economy may be in flux, employee expectations have not swayed... The compensation space is evolving faster than ever—leveraging quality data resources... will help HR teams catch up and stay on top of changes as the evolution continues." Read the full report today 👉 https://lnkd.in/dsauyJ3A.
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As HR professionals and business leaders, staying ahead of the curve in compensation management is crucial. SHRM sheds a light on how employers have been tackling compensation challenges in 2023. Our expertise in compensation consulting plays an important role in assisting businesses to design equitable, competitive, and last but certainly not least, sustainable compensation strategies. https://lnkd.in/gzpg2GNt Key takeaways from this article include: ✳ Compensation Risk Management - Effective compensation management focuses on preventing losses by strategically distributing the salary budget based on priorities and risk management. The biggest risk of all? The loss of key employees and talent. ✔ Being Ready for Answers - These discussions aim to prevent confusion and dissatisfaction among employees who may discover pay disparities within the company and ensure that front-line managers and HR professionals are well-equipped to address all compensation-related inquiries. 💡 Rethinking your Compensation Philosophy - An updated compensation philosophy can define competitive pay, address pay for performance, manage pay compression, and allocate compensation for critical skills and positions, enabling better benchmarking of roles and budgeting for hiring key talent. 🗣 Communication is Key - Employers can build trust and understanding among employees by regularly reviewing and communicating their compensation and total rewards philosophy, fostering transparency throughout an employee's tenure to ensure they are well-informed about pay and benefits.
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🌟 **Exploring the Evolution of Compensation and Benefits in 2024: A Deep Dive Series** 🌟 **Episode 3: Equity and Transparency in Compensation: Building Trust and Inclusivity** In the current era of heightened awareness around equity and inclusivity, “Equity and Transparency” in compensation have emerged as pivotal elements within the realm of HR strategy. This trend underscores a growing demand among the workforce for clear, fair, and open communication regarding pay structures and benefits packages, reflecting broader societal shifts towards equity and accountability. Why Equity and Transparency Matter: 1. Building Trust: Transparent compensation practices foster a culture of trust between employers and employees, demonstrating that the organization values fairness and honesty. 2. Promoting Inclusivity: Clear policies and open discussions about pay ensure that all employees, regardless of gender, ethnicity, or background, are compensated fairly for their contributions, helping to close the wage gap and promote diversity. 3. Enhancing Employee Engagement: When employees understand how their compensation is determined and see that it's based on fair principles, they're more likely to feel valued and, in turn, more engaged with their work. 4. Attracting and Retaining Talent: Organizations known for their equitable and transparent compensation practices are more attractive to potential employees and are more likely to retain top talent. Strategies for Implementing Equity and Transparency: 1. Regular Salary Audits: Conducting regular audits to ensure pay equity across roles, genders, and ethnicities, and adjusting compensation as necessary to address any disparities. 2. Clear Communication: Developing a clear compensation philosophy and communicating it effectively to all employees, including how salaries are determined and how performance impacts pay. 3. Open Salary Ranges: Sharing salary ranges for roles within the company can demystify compensation decisions and help ensure that offers are fair and consistent. 4. Training for Managers: Providing training on unbiased hiring and compensation practices to ensure that decisions are made fairly and based on relevant criteria. By prioritizing equity and transparency in compensation, organizations not only stand on the right side of social responsibility but also bolster their internal culture, employee satisfaction, and brand reputation. Equity and transparency are not just ethical imperatives but strategic advantages that can define the future of work.
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Rethinking Competitive Market Compensation Data: Exploring the Limitations and Opportunities: Part 1 In the realm of HR and compensation management, the notion of leveraging competitive market compensation data often takes center stage. It's a widely accepted belief that accessing and analyzing data on compensation trends within the industry can provide valuable insights for designing competitive pay structures and attracting top talent. However, before rushing to embrace this approach as the ultimate solution, it's essential to pause and critically examine its limitations and the broader context in which it operates. When analyzed by a competent professional, competitive market compensation data undoubtedly offers a valuable benchmark for organizations striving to remain competitive in attracting and retaining talent. By comparing their job levels and compensation packages against industry standards and regional benchmarks, companies can make informed decisions about salary levels, incentives, and pay mixes, ensuring they remain attractive to incumbent and prospective employees. However, the reliance on competitive market data comes with its fair share of challenges and limitations. Firstly, the data itself may not always be accurate or up-to-date, leading to potential discrepancies in the analysis. Moreover, market data often fails to capture the nuances, and/or internal economic value, of an organization's unique culture, values, and strategic objectives, making it challenging to tailor compensation packages effectively. Despite these challenges, it's crucial not to dismiss competitive market compensation data entirely. Instead, organizations should adopt a more nuanced and holistic approach to compensation management—one that integrates external market data, internal market intelligence and other organizational considerations (i.e., hot jobs, new product development, revised sales strategies, etc..) Rather than relying solely on market benchmarks, HR professionals and compensation analysts should complement their compensation analysis with internal data on employee performance, skill sets, and tenure. This holistic approach allows organizations to strike a balance between external competitiveness and internal equity, ensuring fair and transparent compensation practices while providing relevant data for compensation management within the organization.
