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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.

Those companies and compensation committees with a strong track record and a good governance framework will tend to be viewed more favorably by investors and proxy advisors over time — whether it pertains to robust goal setting, responsiveness, limited evidence of problematic pay practices, or adjustments to prevent or mitigate windfall gains during market rebounds.

After all, an increasing number of job postings may now require compensation ranges, and the extra visibility and scrutiny that inevitably come with pay transparency laws will require extra care when setting pay ranges.

Companies can set targets for self-sourced leads and offer rewards such as cash prizes or gift cards.

Leaders can largely do this in two ways: by setting a tone that is resonant with that of the individuals they are leading; and by empowering individual decision making and agility — an organizational strength that is more fully explored in the current edition of Workspan .

Prepare to explain how you differentiate and define performance in setting base salaries.

Prior literature has tended to focus on narrow activities like data entry or call centers — which typically work well in a remote setting — but it is not clear how informative these are for more creative activities.

The new measure is set for a five-year trial, after which the government will evaluate the outcomes.