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Access a Workspan Daily article on this subject: Mercer Projects 3.6% Total Salary Increase Budgets in 2025 ; “When done well, pay transparency can help an organization attract and retain talent, improve their reputation and brand image, build trust with employees, and enhance employee engagement,” said Gail Greenfield, executive vice president of pay equity and total rewards strategy and solutions at Trusaic.

Good structures make budgeting easier and give finance teams confidence in cost projections.

These job seekers will be familiar with these projections, and so should employers.; ;Are you transparent about pay, including a starting range on job openings based on experience?

The White House projects qualifying workers could save an average of $2,000 per year.

For example, if employees and managers perceive performance management as a “total rewards project” and a policing tool rather than a corporate-wide positive initiative, it can diminish their relationship with the TR/HR team and create fear of the TR/HR function, Loftus said.

‘Adjustment Is a Spectrum’ Joseph, who also is the project director of the Meltzer Center’s Advancing DEI Initiative , said current corporate decisions to pull back on programs, either publicly or tangibly, should not necessarily be linked to critiques of some programs as performative or divisive.

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In December 2021, the Society of Human Resource Management projected that labor shortages would continue through 2022 with wage growth topping 4%.

Employers should also determine and document compensation ranges using existing data or projecting figures on a good-faith basis.

WorldatWork’s “2023-24 Salary Budget Survey” of 2,146 participating organizations found U.S. employers are projecting 4.1% pay increase budgets in 2024 and 3.6% merit increases on average.