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“This is particularly challenging for employers in a competitive labor market, especially when candidate and employee needs and preferences differ and continue to evolve,” said Sue Holloway, a compensation content director at WorldatWork.

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It's essential for today’s compensation professionals to have a keen understanding of business drivers and an appreciation of the financial realities of their organizations, enabling them to deliver effective and efficient rewards programs.

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Under the proposed rule, two or more employers would be considered joint employers if they “share or codetermine those matters governing employees’ essential terms and conditions of employment,” such as wages, benefits and other compensation, work and scheduling, hiring and discharge, discipline, workplace health and safety, supervision, assignment and work rules, according to the NLRB.

"We value our employees and their contributions, and we show it by offering robust compensation packages that we continually review to ensure that we remain competitive within the automotive industry,” Chris Reynolds, Toyota Motor North America's executive vice president, said in a statement.