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For instance, if it’s critical to attract highly specialized or executive-level talent, you can intentionally set compensation packages near the upper quartile of industry benchmarks to more clearly communicate your company’s commitment to securing top talent.

Use the Tools at Your Disposal — And Keep Evolving Employers should understand what they’re trying to accomplish with a modernized benefits communications plan, Mowrer said, so they should set guidelines for how to measure success — and continue tweaking their approach.

When survey respondents were asked how they would pay for a costly and unplanned medical bill: ;48% said they would set up a payment plan; ;31% would use general savings; ;28% would rely on credit cards; ;12% would take a hardship withdrawal from their retirement account, with millennials (20%) and Gen Z (16%) more likely to do so than Gen X (6%) or Baby Boomers (3%); Other key findings from Equitable’s survey include: ;37% of Gen Z respondents use platforms like TikTok, Instagram, Reddit and YouTube for benefits information — more than any other generation.

.; Why This Matters Beyond Legal Compliance For many Indian organizations — especially those with large, diverse or contingent workforces — the new labor codes offer a unique opportunity: ;To see TR not as a set of allowances but as a cohesive, equitable and transparent package that includes basic pay, social security, health, safety, contract clarity and portability.; ;To build trust and fairness by leveling the playing field for permanent, contract, gig and platform workers.

“Employers can set defined budgets, work with specialized partners and still provide meaningful access to care that was once out of reach for many,” Farnsworth said, adding that, as with any health benefit, thoughtful design and strong clinical standards are key to responsibly managing costs.

Our rewards management survey shows that there has been an increase in activity in response to COVID-19 and the economic crisis, with 42% of respondents exploring — or making plans to explore — how it has affected their employees financially, while the proportion of employers with a financial policy was set to have increased by March 2021.

With Millennials ​​​​(born 1981-2000) constituting the majority of the workforce and Gen Z (2001-2012) set to overtake Baby Boomers (1946-1964) in the workplace this year , organizations are also focused on developing and supporting emerging leaders, many of whom are women and caregivers (Terrazas and Zhao 2023).

If an organization’s goal is to retain its top performers, which is a common goal of performance management and compensation systems, then strict pay equality can create its own set of problems.

;Workforce analytics: Uses an advanced set of data analysis tools and metrics for comprehensive workforce performance measurement and improvement.

In 2020, Target had announced it would set its minimum wage at $15.