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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;Employee Experience;Finance and Budgeting ;Organizational Performance;

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 ;

| WorldatWork tool;Salary Budget Planning: Using Market Data to Formulate a Recommendation Report | WorldatWork tool; Overlooking market data can unintentionally create disparities that expose the company to legal challenges and harm its reputation.

What’s more, in an effort to improve declining well-being, 85% of C-suite respondents said companies should be required to publicly report their workforce well-being metrics — but only around 50% are doing it.

Smith said he’s seen his influence expand on budget decisions as the business has become more people oriented, noting a shift in pre-pandemic thinking.

The company told employees in an email last week that it is increasing its overall compensation budget.

In recent years, a null salary increase budget has been uncommon in some corners, with only 1% of companies that responded to WorldatWork’s 2023-2024 Salary Budget Survey providing no raises for most employees in 2022 and 2023.

In addition, some organizations are enacting layoffs and/or budget cutbacks, thereby increasing workloads.

For WorldatWork Members ;Bonus Programs and Practices , research; ;2024-2025 Salary Budget Survey , research; ;Action Versus Motion , Workspan Magazine article; ;Rewarding Great Ideas: Using Pay to Encourage Innovation , Journal of Total Rewards article; ;Incentives and Recognition: An Evidence Review , Journal of Total Rewards article; At the heart of successful organizations lies a compensation strategy that attracts, retains and motivates employees.

And for retirees on a fixed income, the same high costs and reduced purchasing power is putting a lot of strain on their fixed budgets.”