Searching Pondering Equity-Based Long-Term Incentive Plans on page 72

“We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional and financial well-being; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent.”

Workforce Planning in the Great Resignation This report summarizes the results of a May 2022 WorldatWork survey conducted with uFlexReward and that examines how much turnover organizations are experiencing and the steps they are taking to respond to this workplace challenge.

The rule had expanded fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA) to include many 401(k) rollovers and annuity recommendations, providing guardrails to how financial services providers give compensated investment advice to retirement plan participants, individual retirement account (IRA) owners and plan officials responsible for administering plans and managing their assets.

Korn Ferry’s McMullen has seen professionals enter TR from many different areas, including finance, financial planning and analysis, supply chain, tax, demand planning and strategic planning.

Tips for Getting it Right To implement AI tools in a way that reduces rather than amplifies pay bias, Hillenmeyer said TR should partner with: ;IT and data teams to ensure integrity;; ;Legal and compliance teams to help the organization remain compliant with pay equity and AI regulations; and,; ;The HR team and teams focused on promoting an equitable and diverse workplace to help keep equity and representation at the forefront.; Build in checks and balances to monitor the outcomes of AI-driven pay recommendations — use the tools as a decision-supporter, not a decision-maker, Romanyshyn said.

The long-term effects of current working conditions remain to be seen, said Ulrich, who sees this lack of social cohesion as a contributing factor to the mass employee exodus that began in 2021.

To address these issues, respondents highlighted the value of long-term programs vs. sporadic opportunities.

Planning Ahead While there will continue to be consternation about the economic climate and more noteworthy organizations tightening the purse strings, Davis said he expects highly skilled and technical talent to remain in demand the second half of 2022, which will require strong planning.

.; ;The ensuing long-term repercussions include income interruptions, lower salaries, delayed career progression , decreased short-term and long-term savings, and reduced Social Security benefits .; 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.

Published in late November, data from the ninth annual report found: ;Market-based pay adjustments remained the primary approach to base compensation.; ;Annual cycles continued to be the preferred cadence for performance reviews.; ;Training focused on diversity, equity and inclusivity (DEI) dropped 20% from 2023.; The WorldatWork study, which reflects TR programs and practices for the 2025 plan year, covered 15 categories, including compensation, benefits, well-being, career development and recognition.