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Workspan : You've said that differentiation is the future of total rewards.

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.

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.

For WorldatWork Members Bonus Programs & Practices Report , research;Total Rewards Inventory of Programs & Practices Report , research;Changed Job Market Drives Strategic Approach to Total Rewards , Workspan Magazine article;Making Pay for Performance Work , on-demand webinar; For Everyone How Bonuses Figure Into 2024 Compensation Plans , Workspan Daily article;Sign-On Bonuses Can Play Pivotal Role in Attracting Seasonal Staff , Workspan Daily article; Nearly all U.S. organizations are using bonuses as a total rewards vehicle.

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?

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.

The legislation would: ;Require detailed weekly pay statements and itemized receipts for workers;; ;Require disclosure of electronic monitoring systems and how those are used to make automated decisions regarding work assignments;; ;Ensure ride-hail drivers receive at least 75% of the total amount paid by a consumer for each transaction; and,; ;Prohibit app-based platforms from violating “equal pay for equal work” by offering or paying different amounts to workers performing substantially similar or comparable work.; 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; ;Employee Compensation; ;Organizational Performance; ;Total Rewards; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

For WorldatWork Members ;Total Rewards Inventory of Programs and Practices , research; ;Total Rewards Inventory Checklist , tool; ;How Well Do You Elevate Employee Input into Total Rewards Design?

Bonus Programs & Practices Bonus programs are an important element of a complete total rewards strategy, enhancing employee experience and serving as a valuable tool for attraction and retention.

This article outlines some steps you can take to establish the type of compensation practices needed to retain your top talent.