Searching Compensation on page 83

Part of addressing the wage gap in the future will involve reanalyzing long-held beliefs about how jobs traditionally held by women versus those traditionally held by men are valued and compensated, Romanyshyn said.

One of the most significant challenges compensation and HR professionals face as geographic pay differentials evolve is educating employees about the cost of labor versus the cost of living, compensation experts said.

Healthcare Worker Shortage Predicted to Reach 100K by 2028 Consider Location and Compensation Employers in states anticipating deficits of certain roles need to know where to look for a surplus — and how to entice those workers to relocate, said Dan Lezotte, partner in workforce strategy and analytics at Mercer.

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“In that case, an organization will have robust frameworks and policies in place regarding compensation management and hold the view that pay equity is a differentiator in attracting and retaining talent,” he said.

From an organizational and compensation standpoint, the new law also presents some new compliance responsibilities for local and corporate franchisors, said Kaleb Berhe, a Los Angeles-based labor and employment associate at Foley & Lardner.

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Start Preparing Now Businesses can start preparing now by internally reviewing their employee compensation and conducting a pay equity analysis.