Searching Compensation on page 93

;Teleworking agreements must now stipulate the compensation due to the teleworker to cover additional expenses related to their telework arrangement.

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.

As with any evolving practice, however, compensation experts say there are new developments and considerations to stay on top of, from both a total rewards perspective and employee experience outcome.

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 Compensation ;Equitable and Diverse Workplaces ; FREE Newsletter FREE E-newsletter Subscribe to Workspan Weekly for news on trends and compliance in Total Rewards, compensation and benefits.

Chinese Finance Industry Experiencing Significant Pay Cuts As the country experiences an economic downturn across industries, employees in the Chinese financial sector have taken compensation cuts of as much as 40% in 2023, Bloomberg News reports .

In fact, almost three-quarters of S&P 500 companies have included ESG metrics in their compensation plans, according to Semler Brossy’s 2023 ESG and Incentives Report.

The number of shareholder proposals on inclusion and diversity issues filed and voted on dropped significantly year-over-year, while investors have pushed for about the same or slightly more environmental-related proposals.; Editor’s Note: Workspan Daily will be publishing a monthly executive compensation column from Willis Towers Watson for the benefit of our readers and to encourage further discourse on topics vital to compensation professionals.

Whether your organization is still in the throes of 2024 salary budget planning, or has recently wrapped up, there are proactive measures to take to ensure compensation remains equitable in the coming year.

“Compensation Professionals Should Know About 10 Recent Academic Studies.”