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Industry considerations often factor heavily into this process because some nonfinancial metrics are more critical to companies in certain industries than others.

Marketing and creative professionals were the most likely by industry to consider a job change, with 55% currently willing to consider a move.

Taking a Closer Look by Industry Payscale’s projected pay increases for 2024, broken down by industry, topped out at 6% for construction companies.

But as peers across industries elevate their rewards approach, the question becomes: How will we stand out?

WorldatWork HRCI* SHRM** Credits 1 compensation-domain specific 1 1 *HRCI: This program has been approved for 1 (HR (General)) recertification credit hour toward aPHR™, aPHRi™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through the HR Certification Institute.

WorldatWork HRCI* SHRM** Credits 1 compensation 1 1 *HRCI: This program has been approved for 1 (HR (General)) recertification credit hour toward aPHR™, aPHRi™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through the HR Certification Institute.

This scenario, he added, is driven by three key factors: rising provider costs, continued demand for high-cost drugs like glucagon-like peptide-1 (GLP-1) and increased behavioral health utilization.

Similarly, companies may look to align performance targets against industry-specific metrics for a more nuanced evaluation of performance, taking into account the relative success of the company within its industry.

Develop a retiree eligibility window Companies that adopt formal retirement policies often use a combination of age and years of service that add up to 65 to 80 depending on the company and industry.

Set as the industry standard, this BOK was recently validated and revised by WorldatWork via a formal practice analysis completed by hundreds of practitioners.