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If an organization has a policy that dictates ranges be set at average market levels and competitors adjust their structures, the structure should be adjusted to sustain that position relative to prevailing levels.

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Key Takeaways ;HR Leaders Plan to Decrease Hiring Over Next 6 Months; ;Starbucks Sets 2% Raise for All Salaried Workers; ;Boeing Strike Continues in Missouri, Illinois; ;Survey Reveals Growing Use and Misuse of AI Within Workplaces; ;Report Examines How Engagement Differs by Work Generation; NEW!

Set your strategy for late elections.; ;Resolving inconsistencies, such as a family plan election with no dependents listed.; ;Auditing for dependent status, ensuring new dependents are added correctly and dependents who have aged out are not enrolled.; ;Sending out election confirmations, if not automatically generated.; ;Verifying that premium deductions are accurate and will be set up correctly in payroll.; ;Generating election data in the format required by the carrier and submitting it promptly, allowing extra time to resolve any unforeseen issues.; 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 Experience; ;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.

Those include accessing a much larger talent pool and, in some cases, saving money by setting lower salaries and covering less expensive healthcare when hiring remote employees in lower-cost-of-living areas.

Let’s look at some options for setting a remote workforce’s compensation strategy: Set pay rates by the location of the corporate headquarters or regional office.

.; Organizations That Get Total Rewards Right Outperform the Market 1.5 x more likely to retain high performers 1.6 x more likely to secure 
talent for current needs 3.1 x more likely to optimize ROI for rewards investments Source - Deloitte 2024 Total Rewards Impact Study Be Recognized as a Leader WorldatWork Certifications Set You Apart Recognized worldwide as a mark of expertise and excellence, WorldatWork credentials establish you as a leader in your field.

;Set up to succeed.

The Illinois Legislature passed “The Paid Leave for All Workers Act” Jan. 1 that is set to take effect in 2024.

.; Organizations That Get Total Rewards Right Outperform the Market 1.5 x more likely to retain high performers 1.6 x more likely to secure 
talent for current needs 3.1 x more likely to optimize ROI for rewards investments Source - Deloitte 2024 Total Rewards Impact Study Be Recognized as a Leader WorldatWork Certifications Set You Apart Recognized worldwide as a mark of expertise and excellence, WorldatWork credentials establish you as a leader in your field.