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Long work hours with low pay and no protection for working children evolved into federal and state wage-and-hour laws, which are the cornerstone of the modern working world.

“Especially now, amid the ongoing effects of the pandemic, employers need support from policymakers to make it as easy as possible to modernize their business practices, expand their benefit offerings, and address the evolving needs of their employees.”

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First, they can include annual inflation adjustments in spending estimates, assuming a range of 2% to 3%.

Save Reuse Permission In the modern workplace, compensation and performance management go hand in hand.

Hybrid or remote working policies, flexible schedules , mental health benefits, pensions, and tailored perks such as wellness programs or lifestyle discounts are solidifying their place as critical components of a people-first approach in the modern workplace.

Many organizations have settled into a third modern era of pay design that is largely characterized by monotony and a considerable reduction in variety.

MIS Quarterly 19(2): 213.

Access bonus Workspan Daily Plus+ articles on this subject: ;Modernizing Pharmacy Benefits: A Total Rewards Opportunity; ;Use This Checklist Toward Modernizing Your Pharmacy Benefits; Components of ‘App-Like Simplicity’ The table below illustrates what workers are looking for in their pharmacy benefits, according to Evernorth’s research.

Key takeaways include: How to align compensation planning with business and talent strategies including pay-for-performance;Best practices for managing merit cycles and incentive programs with confidence;Strategies to streamline approvals, reduce manual errors, and gain real-time insights;Ways to improve total rewards communication and manager enablement; Whether you’re preparing for year-end or looking to modernize your compensation approach, this webinar will give you the tools, insights, and technology to drive greater value from your compensation programs.