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Mercer’s “ QuickPulse US Compensation Planning Survey ” indicates employers are planning to raise their compensation budgets by 3.5% for merit increaeses in 2024 and 3.9% for their total salary increase budgets for non-unionized employees.

Whether that trend is due to workers’ own concerns about job security or a company’s culture around paid time off (PTO), facilitating rest and relaxation for employees is to an organization’s benefit — and HR and total rewards (TR) professionals can turn it around with their messaging.

For WorldatWork Members Supporting Employee Caregivers: A Resource Guide , Workspan Daily Plus+ article;Torn Between Work and Care , Workspan Magazine article;Childcare Benefits: Addressing Cost and Accessibility , Workspan Magazine article;Total Rewards Inventory of Programs & Practices , research; For Everyone Why Caregiver Stress Is a Total Rewards Issue (and Opportunity) , Workspan Daily article;Who’s Taking Care of the Caregivers?

WorldatWork’s 2023 Total Rewards Professional Career Study Reveals Crucial Insights into Career Experiences Majority express satisfaction with roles and accomplishments A significant skills gap exceeding 10% was revealed 95% agree that training and developing new skills are paramount August 07, 2023 Scottsdale, Arizona — WorldatWork , the Total Rewards association, has conducted an in-depth Total Rewards Professional Career Study , exploring the demographics, essential skills, and career aspirations of today's Total Rewards professionals.

Actions to consider include: ;Offer comprehensive wellness programs that can increase the overall health of your workforce and potentially identify conditions and treatment before they become more significant.; ;Implement strategies like centers of excellence for costly procedures (e.g., organ transplants, cancer treatments), which can provide quality care at a lower, negotiated rate.; ;Pursue pharmacy benefit management (PBM) strategies to manage high-cost specialty drugs like glucagon-like peptide-1 (GLP-1).; Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Employee Benefits; ;Finance and Budgeting; ;Well-Being; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

An article in the current edition of Workspan magazine — “ How Will Recent Union Wins Affect Overall Total Rewards?

For example, a TTC of $100,000 and a pay mix of 70/30 would allocate 70% of the TTC to base pay and 30% to target incentive.

For WorldatWork Members Financial Well-being Study , research;How TR Pros Can Help Workers Financially Prepare for Retirement , Workspan Daily Plus+ article;Rewards Management Survey: Employee Financial Well-Being , Journal of Total Rewards article;Workplace Wellness: Best Practices Study , Journal of Total Rewards article; For Everyone Incorporate AI to Personalize Financial Well-Being Benefits , Workspan Daily article;Retirement Readiness or Death: Guess What Workers Fear More?

There’s a delicate balance to strike, she notes, when choosing the total rewards that satisfy as many individuals as possible.

WorldatWork’s Pay Equity Study found that 70% of organizations are taking action on pay equity, which is up 10% from 2019 and 4% from 2021.