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Directly linking TR and performance means basing compensation and rewards decisions, such as merit increases or incentive payouts, on how employees perform against set goals and competencies, said Christina Hussong, the senior director of work and rewards and the global incentive plan design solution leader at consulting firm WTW.

“A thoughtfully designed tender offer can demonstrate that the company’s shares have real, tangible value.

“To realize their cost savings and clinical impact, employers can provide member education, promote cross-stakeholder alignment and create plan design opportunities as more biosimilars continue to enter the market.”

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Simon: The most noticeable divergence appeared in high-wage and specialized fields like arts, design and entertainment, which saw the highest year-over-year salary growth (53%).

Use a design-thinking exercise to address a corporate issue from both top-down and bottom-up viewpoints.

The Importance of Implementation Korn Ferry’s McMullen and Reidy suggest: Developing base salary increase budgets based on the cost of labor in comparator markets vs. cost of living/inflation;Considering the magnitude, eligibility and management of off-cycle increases, including promotions, counteroffers, pay equity adjustments, hot-skills adjustments, and in-band lateral adjustments;Utilizing the entire compensation tool kit, including sign-on, retention, referral and project bonuses, to attract, engage and retain key talent;Using highly leveraged nonfinancial rewards such as career development, organization transformation initiatives, recognition and providing meaningful work; “We typically see the best rewards programs being the ones that are more effectively implemented as opposed to those with an elegant strategy and design,” McMullen and Reidy wrote.

Companies that handled it best took a number of steps, such as: Defining a cross-functional and cross-geo steering committee to assess and design sales compensation changes;;Investing in digital capabilities to better administer, communicate and implement their sales compensation plans;;Simplifying their compensation plans by eliminating measures and mechanics; and;Improving the alignment of their sales compensation plans to overall business strategy (including changes in strategy), from a data-driven perspective, as opposed to relying purely on philosophy and “gut” beliefs.; Workspan: The pandemic has obviously affected the way companies and leaders approach sales compensation.

Gavin Newsom signed legislation designed to establish new wage and workplace protections to improve working conditions and support the health and safety of more than 500,000 of the state’s fast-food workers.

Overall, while pay for performance continues to be the largest concern for companies, responsiveness and performance-based pay design also demand attention.