Searching Workplace Equity on page 44

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Walmart's motion comes as an increasing number of states legalize recreational marijuana use and employers grapple with balancing new legal protections for workers with concerns about workplace safety.

And, it’s had a mounting impact: ;Pay equity is no longer a compliance tick-box but a strategic priority with major societal/workforce implications.; ;Employees expect open, justifiable pay processes, as well as rewards and benefits that represent their contributions — or become flight risks.; From Performance-Based Pay to Equity Focus A philosophical shift gathering speed in response to equity concerns is the separation of base salary adjustments from performance evaluations.

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.

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.

.; Pay equity has been a significant focus for employees, employers and state and federal enforcement agencies for the past five to six years.

WorldatWork’s legacy isn't just about reflecting on the past, but about actively driving change, setting the agenda and empowering professionals to thrive in an ever-evolving workplace landscape.

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).

Our clients are doing pay equity and opportunity equity analyses to make sure the merit and promotion process doesn’t disadvantage tenured employees.” 2023 and Beyond Whether it is inflation or the tight labor market driving the increase in wages, employers will have to adjust their strategies accordingly in the coming year.

This combination of distress at both the organizational and individual employee levels is accelerating changes in the workplace.