Searching Compensation on page 125

A ‘Substantial’ Expense Most employees don’t fully appreciate or understand the value of their organization’s TR package because they don’t know the full scope of offerings, said Alicia Scott-Wears, a compensation content director at WorldatWork .

TR professionals may become familiar with the doctrine when designing non-qualified deferred compensation (DC) plans, as plans that do not meet the strict requirements of Internal Revenue Code (IRC) Section 409A will trigger constructive receipt of deferred compensation, even if it is not yet paid out.

For WorldatWork Members ;The Power of Job Rotation, Shadowing and Stretch Goals , Workspan Daily Plus+ article; ;Support Your Employees’ Career Growth with Development, Transparency , Workspan Daily Plus+ article; ;Career Curation: How Total Rewards Can Drive Skills Portfolio Building , Workspan Daily Plus+ article; ;Internal Mobility Keeps Employees from Moving On , Workspan Magazine article; Fundamentally, total rewards (TR) strategies are about attracting and retaining employees through security (via benefits and compensation), support (via organizational culture) and development (via opportunities for growth).

According to Justin Sun, a compensation business partner, the threat of a recession and inflation have caused consumers to reevaluate their spending, and as companies forecast lower earnings, the fastest way to maintain profitability is to cut labor costs.

Andy Banducci, the senior vice president of retirement and compensation policy within the ERISA Industry Committee, remarked that plan audits commissioned by EBSA have taken as long as seven years to complete due to turnover.

Studies have shown individualized compensation statements have a significant impact on perceptions about what benefits really cost, albeit only for a short term.

For WorldatWork Members ;AI and the Skills Evolution: Where the Total Rewards Function Fits In , Workspan Daily Plus+ article; ;Internal Talent Marketplaces Get a Boost from AI , Workspan Magazine article; ;3 Sales Compensation Challenges that AI Can Help Tackle , Workspan Magazine article; ;TR Is Key to Successfully Integrating AI and Work , Journal of Total Rewards article; For Everyone ;How Will AI Impact TR’s Roles and Strategies Over the Next 5 Years?

We agree that a sufficient level of monetary compensation is required to attract people to an organization and keep them from being dissatisfied with the compensation exchange equation — fair pay for fair contribution.

Similarly, survey data on compensation practices may reveal prevailing pay levels in specific labor markets, but it may not provide much detail about plan design.

RECOMMENDATIONS FOR THE DESIGN OF ALGORITHMICALLY MANAGED COMPENSATION Given that algorithmically managed compensation is unlikely to be replaced on gig economy platforms, how could we design them to ensure they satisfy psychological needs and promote autonomous work motivation?