XpanseHR’s Post

Great article! A reset will enable employers to acquire & retain great talent!

Are you adapting to the changing landscape of compensation? With some US salaries experiencing a downturn, it's more crucial than ever to benchmark your organization's compensation strategy. As the job market shifts and some salaries stagnate, businesses must reassess their compensation practices to remain competitive. With employers citing a 'reset' in compensation, it's imperative to ensure your organization's pay rates are aligned with industry standards. HR NOLA uses Salary.com's CompAnalyst tool to benchmark positions using the latest available data!

Some interesting US salary data as you evaluate employee compensation. It would be interesting to see the comparison of this to the cost of living in each state too. One missing element is the number of jobs that people hold to earn that wage--for example, I know in Hawaii many families hold multiple jobs to make a living wage. #betterbizculture

According to the Bureau of Labor Statistics, wage growth slowed from 6% in 2022 to 4% in 2024. While you may not be able to afford to increase your employees' wages, there are other benefits you can offer to keep your company competitive. Let's discuss what other strategic initiatives you can implement to better attract and retain your largest source of revenue: your people.

Historically we haven’t seen the concept of market corrections impacting wages but this article raises interesting questions about the speed of supply/demand imbalance in labor markets: "Salaries for new roles are stagnating – and in some cases, falling. Some employers may be looking to cut costs, but the lack of wage growth may be a matter of post-pandemic correction." #wages #wagesandsalaries #useconomy #compensation #compensationstrategy #compensationmanagement #compensationplanning https://lnkd.in/grGWDNQs

Job market sees remarkable recovery as state and local governments replenish their workforce. However, the success is not without its cost, with rising wage pressures becoming increasingly evident. https://lnkd.in/gnaFrmK2 #JobMarket #wagegrowth

“We know that workers are 79% more likely to apply for a job if it offers daily access to their pay, whether that be tips or wages,” says our CEO, Tal Clark, in this interview with https://bit.ly/4c9k246. Learn more about how earned wage access can help employers attract and retain essential employees in this article below: Enabling Same-Day Access to Earned Wages and Tips Helps Employers Attract and Retain Top Talent https://bit.ly/4euuzZ8

An interesting article highlighting the tightening labour market in the US. Salaries for new roles are stagnating or even falling, and the lack of wage growth may be a matter of a post-pandemic correction. The trends in the US are similar to what we're seeing in the UK.  #labourmarket #recruitment #employmentmarket #salaries

#ThrowBackThursday 🕒 Did you know that at one-point economists thought that if minimum wages were increased, it would lead to a fall in employment, as firms would employ fewer people and/or reduce the number of working hours in order to maintain their overall costs. Do you think increasing minimum wages affected employment rates? 🤔 --- With evolving awards and EBAs, underpaying staff can be easier than realized with the significant risk of fiscal penalty and unhappy staff. Not long ago I was notified by one of my early employers (supermarket) of underpayment for over a year. To mitigate said risk ensure your payroll + Time & Attendance solution has robust award and EBA interpretation like ADP's Realtime. https://lnkd.in/gtrWC7GF

The landscape of wage increases in Q1 2024 remains a complex puzzle for employers and employees. Amidst the economic recalibrations, the labor market is experiencing continued pressure on wage growth. This trend underscores the need for businesses to balance compensation strategies with financial sustainability, all while ensuring they remain competitive and attractive to top talent. For professionals, understanding these dynamics is crucial for navigating career paths and negotiating remuneration. Find out more about how wages are evolving and strategies for staying competitive: https://hubs.li/Q02jSzbf0 #WageGrowth #LaborMarket #CompensationStrategies #CareerDevelopment