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Re-Examine Your Pay Ranges; To Offer or Not to Offer Compensation professionals exploring this question — and ways to keep lump-sum merit replacements equitable — in a WorldatWork Engage forum post shared various insights: ;“We move our ranges every year, say 2%, so even an employee who was at the top of the range will get a 2% base pay increase,” said Ken McLean, a senior compensation analyst at Newport News, Va.

The use of nonrevenue measures is one of the most common ways organizations misalign their sales compensation costs with actual revenue results.

“A well-aligned rewards strategy is one of the most tangible ways HR can drive organizational performance, and that payoff compounds over time.” — Andrea Goodkin Clarify Your Purpose Before you actually change or tweak a benefit, be clear about what problem you’re trying to solve , Goodkin said.

According to Justin Sun, a compensation business partner, the threat of a recession and inflation have caused consumers to reevaluate their spending, and as companies forecast lower earnings, the fastest way to maintain profitability is to cut labor costs.

For example, does the employee believe he or she is a high performer and assume a bonus on the way?

One way companies can boost engagement moving into the new year is by encouraging managers to provide employees with better and more frequent feedback.

“In 2023, RMTRA embarked on a journey to strengthen our member connections and provide value in every possible way,” said Holly Mertens, RMTRA Affiliate President.

There are many ways to do it, and we want to teach people.

With all of this in mind, Workspan asked a trio of compensation experts to share their thoughts on what they view as the biggest compensation challenges facing multinationals, and how they see these companies navigating their way through an especially unique time for organizations everywhere.

“The Spotify of tomorrow must be defined by being relentlessly resourceful in the ways we operate, innovate, and tackle problems,” he said in a 1,000-word letter to staff .