Searching Workplace Equity on page 39

Building the Right Compensation Package In addition to the standard salary and performance bonuses, Canavan said the building blocks should be: retention incentives, which organizations can address through real or “phantom equity” (a type of compensation award that references equity, but does not entitle the recipient to actual ownership in a company); a long-term cash bonus plan; or split-dollar life plan, which allows the sharing of the cost of a premium for a permanent life insurance policy.

“A new awareness around flexible work arrangements, child and eldercare, mental health and health equity matters had blossomed in our social consciousness.”

As we plan out our editorial calendar for Workspan each year, we try to keep our focus on the compensation-related challenges that are consistently front and center for compensation professionals — pay compression, pay equity, geographic pay strategies, sales compensation and much more.

In addition, employees and job candidates may put a price tag on workplace flexibility.

Consequently, the pay mix for non-employee board members shifted to 61% in equity and 39% in cash (previously 60% in equity and 40% in cash).

;Domestic large capitalization equities (+25%) outperformed domestic small/mid-capitalization equities (+12%).; ;Long corporate and long government bonds, typically used in liability-driven investing strategies, had losses of 2% and 6%, respectively.; While overall investment returns were slightly higher, an active year in pension risk transfers and lower-than-normal cash contributions resulted in a decline in assets year over year.

Pay Equity: Going Beyond Statistical Analysis While most organizations conduct periodic pay-equity audits to ensure that pay outcomes don’t appreciably vary between gender and race groups, many don’t go beyond these initial efforts.

This benefit signals to employees that the company values their well-being, making it an attractive workplace feature.

Plan for public disclosure of gender pay gap reports, if applicable, ensuring clear and transparent messaging.; Training ;Ensure pay equity and transparency training is in place for all managers of EU employees, as well as global HR and recruiting teams.; ;Develop continuous procedures to ensure managers conduct transparent, compliant and substantiated pay discussions with employees.; Monitoring ;Establish a regular schedule for reviewing pay equity data and adjusting where appropriate.; ;Monitor legislative developments in each EU member state for future developments and requirements.; ;Design a process to address evolving interpretations and compliance nuances with legal counsel.; 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 Compensation; ;Finance and Budgeting; ;Organizational Performance; #1 Total Rewards & Comp

Remember that not offering an equitable and flexible workplace has the potential to worsen your performance against diversity, equity and inclusion (DEI) objectives.