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He recommends that employers use the program’s potential challenges to their advantage by partnering with a vendor that will walk employees through the process.

To address this, companies like Peloton, for example, work with vendors to help employees with student-loan debts through programs similar to a 401(k) match.

(See our 2023 SPM Vendor Guide to start gathering information.)

;Subscribe to a pay benchmarking service through vendors in the space.; While the second group has a head start on this work, even these companies may need to ramp up their compensation capabilities, since they may need to increase both the volume and quality of their work.

“The guidance makes it clear that employers are responsible for their tools even if they’re designed or administrated by a software vendor,” he said.

For example: ;See if your benefit vendors offer engaging educational tools that you can utilize.; ;Integrate TikTok-style videos, on-demand content and personalized decision-support tools into your existing enrollment platforms.; ;Use AI tools to scale your content in ways that make it meaningful for multiple audiences.; “It’s never done from an optimization perspective,” Mowrer said.

She said businesses should understand where their payroll data is going and how it is being used to train AI models by regularly auditing their systems, implementing clear data processing agreements and ensuring their vendors have robust safeguards in place.

Thus, blockchain deployment eliminates the intermediaries, vendors and recruiting agencies as the HR managers can independently verify transactions.

Beware of Consumer Scams After a natural disaster, unscrupulous vendors can prey on those under tremendous stress.

. ; ;Evaluate vendor partnerships by conducting analytic performance reviews, audits and marketing to identify the best financial optimal partners to meet objectives . ; ;Prioritize micro-strategies for the key cost drives balancing attraction and retention.