Searching Compensation on page 83

The Detroit company is offering lump-sum payments and other compensation to the eligible employees under the program, which they said is aimed at accelerating its normal attrition process.

The timing of the rule and its finalization will be of great interest and importance to companies as they build their compensation budgets for 2024.

Phil Murphy last November, the new law will require employers to disclose certain compensation and benefits information in job listingsand for promotional opportunities.

Beyond base compensation, Camm said, they should emphasize: Short-term incentives tied to annual company profitability;Long-term incentives aligned with creating value over the next five to seven years;A structured employee development program, and;Comprehensive health, welfare and time-off benefits.; Michael Citron, a principal and compensation and rewards consultant at Mercer, noted that within the past few years, his company has seen pay expectations (and resulting pay movement) rise at a rapid pace.

Employee Compensation Employee Recognition Total Rewards Survey Results This survey reveals what companies have learned after evaluating the design and effectiveness of their performance management programs and the impact on reward programs.

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., new products, production efficiencies) — 45%;Quality/value of potential innovative initiatives in the pipeline — 44%;Potential or actual revenue/profit of innovative initiatives — 43%;Number of innovative initiatives implemented — 43%;Level of employee engagement, satisfaction or retention — 31%; “Measurement and rewards can help drive innovation by signaling priority and increasing motivation," said Sue Holloway, compensation and rewards content director at WorldatWork.

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