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The total number of Americans voluntarily working part time is now more than five times the number of people who work part time but would prefer to work full-time, according to new data from the U.S.

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The 2020 “Inventory of Total Rewards Programs & Practices” study collected data from 812 respondents, representing organizations of different sizes across multiple industries.

However, collect market data to establish target total compensation amounts for each job.

Grieb explains that the new rule expressly allows fiduciaries to consider what steps might increase the participation rate for their specific employees, adding that if certain investments could increase total plan assets through stronger participation or higher deferral rates, the DOL thinks that can be a relevant factor.

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Organizations can use the group they’ve already selected in the 10-K disclosure, a peer group that is used for total benchmarking, or a peer group from a relative total shareholder return plan.

Presenters at Total Rewards’23 cautioned that organizations that aren’t fully transparent about how and why they pay employees will quickly fall behind in the war for talent.