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Offer research-based recommendations on how employees can prepare for the future and use pay transparency to attract and retain top talent.; The 12 authors who produced those papers all brought their A games, resulting in one of the strongest, most relevant issues in my 14 years of editing the Journal.

Find out how a well-designed compensation program attracts, retains, and motivates employees, how to use common KPIs to evaluate a plan’s effectiveness, the value of good communication, and how to do it successfully.

Despite the challenges related to attracting and retaining employees, in Q3 2021, the average 2022 merit budget was estimated to be around 3% — in line with previous years.

Workspan Daily article;With a Multigenerational Workforce, Personalized Rewards Are Key , Workspan Daily article;Utilizing Data to Personalize Total Rewards , Workspan Daily article;Incorporate AI to Personalize Financial Well-Being Benefits , Workspan Daily article; In an increasingly competitive hiring environment, employers are learning that recruiting and retaining talent doesn't simply come down to the benefits they offer — it's also about how much employees are able to personalize their total rewards.

What to Expect According to Sue Holloway, a compensation content director at WorldatWork, as employers deal with the ongoing uncertainty related to the impacts of recent tariff changes and the pressure to offer competitive pay to retain talent, total rewards professionals are likely to see some continued stabilization following a few years of increasing and significantly larger pay increase budgets during the pandemic and Great Resignation.

We’re really concentrating on retaining our employees with a full value proposition, and we’re looking at mental health, well-being and financial health across our functions, and throughout Dell globally, to address the needs of our employees.

It’s no longer enough to pay a competitive wage and throw in some healthcare benefits to attract, motivate and retain a talented workforce.

“Retaining elderly people might be the goal of some companies, but not others,” concedes Welbourne, who is also the Will and Maggie Brooke professor in entrepreneurship at the University of Alabama’s Culverhouse College of Business.

Particularly when delivering difficult compensation news, clear and empathetic communication can be a key to retain and lure talent.

The Importance of Implementation Korn Ferry’s McMullen and Reidy suggest: Developing base salary increase budgets based on the cost of labor in comparator markets vs. cost of living/inflation;Considering the magnitude, eligibility and management of off-cycle increases, including promotions, counteroffers, pay equity adjustments, hot-skills adjustments, and in-band lateral adjustments;Utilizing the entire compensation tool kit, including sign-on, retention, referral and project bonuses, to attract, engage and retain key talent;Using highly leveraged nonfinancial rewards such as career development, organization transformation initiatives, recognition and providing meaningful work; “We typically see the best rewards programs being the ones that are more effectively implemented as opposed to those with an elegant strategy and design,” McMullen and Reidy wrote.