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Building the Right Compensation Package In addition to the standard salary and performance bonuses, Canavan said the building blocks should be: retention incentives, which organizations can address through real or “phantom equity” (a type of compensation award that references equity, but does not entitle the recipient to actual ownership in a company); a long-term cash bonus plan; or split-dollar life plan, which allows the sharing of the cost of a premium for a permanent life insurance policy.

When it comes to compensation, he said, AI can help organizations analyze objective data — such as job type, level and time-in-role — to ensure salary decisions are made in an apples-to-apples manner, where appropriate, across teams.

Step 2: Understand the Survey Results How you analyze survey results will likely impact the insights you can glean and the type of change you ultimately implement, so exercise care when reviewing the data from your surveys .

Workspan: What types of actions are necessary right now — and how do you see employers engaging in this future planning?

Projection at 3.8%; ;2023 survey report: Employers Budgeting 4.1% Pay Raises in 2024; ;2022 survey report: Salary Increase Budgets Reach 20-Year High; ;2021 survey report (member only): Salary Increase Budgets Poised to Rebound in 2022; A Glimpse at Worker Type Breaking down the data by employee classification, the WorldatWork survey showed generally the same trend lines for hourly and salaried workers.

Each of the three main types of LTI vehicles has benefits and drawbacks that should be carefully evaluated: ;Appreciation awards.

;Types of jobs: Job matches must be “apples to apples.”

Morón recommended training employees on the proper and ethical use of AI and having them sign acknowledgements as they do for other types of training.; ;Think old-school.

We also know that a lot of the veterans who came in would go into law enforcement or other types of more essential duties.

LEARN: Strategic Communication in Total Rewards Reinventing the Benefits Experience Upon arriving at Ipsen, Leo and her two compensation and benefits team members spent much time replying to employee questions about where and how to find contact information for benefits vendors, as well as the types of benefits offered.