Searching Compensation on page 87

Most firms plan to maintain their direct compensation pay mix.

Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Career Growth; ;Employee Benefits; ;Employee Compensation; ;Finance and Budgeting; ;Total Rewards; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

Leading employers are moving to embed a cohesive fair pay strategy in their compensation philosophy and apply it consistently throughout their global employee base.

Employees with the same job title and role in different departments may need to have their compensation better harmonized.

Mercer’s “ QuickPulse US Compensation Planning Survey ” indicates employers are planning to raise their compensation budgets by 3.5% for merit increaeses in 2024 and 3.9% for their total salary increase budgets for non-unionized employees.

Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Employee Benefits; ;Employee Compensation; ;Finance and Budgeting; ;Organizational Performance; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

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.

Out of that total, the compensation for 390 days is calculated based on a person’s full income, while for the remaining 90 days, people get a fixed amount of 180 kronor ($17) per day.

Judging from the list of the 25 most-viewed articles during the past calendar year, particular subjects of interest included: ;Salary budget surveys for compensation planning; ;Employment law and regulatory compliance; ;Pay practices; ;Pay transparency; ;Job architecture; ;Hybrid and return to the office; Those are not really surprising considering prominent themes from 2024 included: ;A cooling job market; ;U.S. federal agencies issuing final rules; ;Employers and business organizations filing lawsuits against those final rules; ;American states proposing or passing pay transparency laws, as well as continuing momentum occurring at the global level; ;A tightening U.S. and global economy; ;The search for leading practices to maintain or enhance competitiveness in talent acquisition and retention; ;The continually changing state of the post-COVID-19 workplace; Check out the full most-viewed articles list below.

To succeed these days, they need to: ;Think like a data analyst; ;Communicate like a public relations expert; ;Understand compensation like a financial wiz; ;Design benefit packages like an architect; ;Align strategies with business objectives like a CEO; ;Navigate regulatory compliance like a risk manager; ;Grasp legal compliance like a lawyer; This article focuses on those last two bullet points since TR compliance, particularly with wage-and-hour rules and regulations, can keep you and your team in good standing with organizational leadership, the general workforce, counsel and government agencies.