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One area to keep an eye on, Johansson said, is the 14% who said their budgets are lower than projected, likely due to anticipated recession or weaker financial results (actual or forecast).

“That is an area companies are giving more attention to, particularly because they want to ensure that what is underlying these types of incentives aren’t creating quotas or anything in that respect,” Daves said.

Access a related Workspan Daily article on this subject: ‘Year of Contention’: Employers Mull Tight Budgets, Pay Expectations; Where Employers Are Cutting Payscale’s latest Compensation Best Practices Report found organizations are reducing costs in certain areas: ;Pay increases (18%); ;Salary offers (14%); ;Hiring less experienced talent (15%); “The most visible cuts are in salary budgets, back toward that 3% level that no longer builds in inflation-fueled increases,” Scott-Wears said.

Compensation and Career Progression Employers may consider skill-based pay ranges, bonuses or stipends for mastering key capabilities or premiums tied to high-demand areas, Stella said, adding that skills also can serve as milestones for unlocking new roles, projects or eligibility for broader rewards.

To earn these certifications, you must pass multiple exams focused on specific areas of knowledge.

“Another thing that employers can do is provide financial education resources that are short and quick to the point but are also truly meaningful and helpful resources in the area of financial well-being.”

“Organizations are going to have to spend more time and effort in this area in the months and years ahead,” said Straker, “more so than we have done in the past.”

However, 88% of respondents claimed they don’t receive any support from their current employer in this area.

“Companies that are located in high-cost areas tend to have an adjusted pay structure that allows them to compete in those environments,” Dixon said.

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