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It can provide organizations with experienced strategic insights and budget flexibility — allowing total rewards dollars to be reallocated to full-time staff, thus potentially enhancing those offerings.

.; Additionally, pay inequity plays into the retirement gap, said Dena Faccio, the senior vice president of total rewards, employee relations and HR business partner-workplace solutions at investment company Voya Financial.

.; 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 Benefits; ;Employee Compensation; ;Total Rewards; ;Well-Being; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

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: ;Total Rewards; ;Finance and Budgeting; ;Sales Compensation;

“Employers reported their total 2022 base pay increase budgets at 3.8%, but our data showed a 6.7% increase in base pay for hourly employees staying in the same job at the same organization from 2021 to 2022.

For WorldatWork Members Data Innovation in the Era of AI , Workspan Magazine article;TR Is Key to Successfully Integrating AI and Work , Journal of Total Rewards article;AI and the Skills Evolution: Where the Total Rewards Function Fits In , Workspan Daily Plus+ article;How to Identify Root Causes of Gender Pay Inequity , Workspan Daily Plus+ article; For Everyone How Artificial Intelligence Risks Directly Apply to Total Rewards , Workspan Daily article;How Will AI Impact TR’s Roles and Strategies Over the Next 5 Years?

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: ;Equitable and Diverse Workplaces; ;Employee Experience; ;Employee Recognition; ;Total Rewards; ;Workforce Engagement; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

For WorldatWork Members ;‘Foundationally Changed’: Welcome to the New Era of Leadership , Workspan Daily Plus+ article; ;From Jobs to Skills to Outcomes: Leading the Evolution in TR , Workspan Magazine article; ;Total Rewards Leader 2026 Priorities , research; ;Total Rewards Inventory of Programs & Practices , research; ;Total Rewards Operations Playbook , tool; For Everyone ;How HR and TR Leaders Can Build Future-Ready Rewards , Workspan Daily article; ;Has ‘Leadership Potential’ Gone the Way of the Dinosaur?

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;Total Rewards;

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 Benefits; ;Employee Compensation; ;Total Rewards;