Searching Workforce Experience on page 96

Total Rewards Professional Career Study 2023 This report summarizes the results of a Spring 2023 WorldatWork survey which seeks to understand the composition of the Total Rewards workforce, its skills and needs and its career trajectories.

In an environment of tighter corporate budgets and continued high workforce compensation expectations, might non-financial rewards be a solution to mitigate turnover risk?

Instead, it’s evolving in response to the realities of a more distributed workforce and the increasing sophistication of labor market data.

Conceptually, we can break the raw pay gap down into two components: The “explained” pay gap, which indicates the extent to which pay differs across demographic groups due to relevant differences in compensable factors, such as occupation, role, education and experience.

The lack of clarity among the C-suite could also stem from leaders not clearly defining and communicating goals at the outset of an initiative, said Joanna Colosimo, vice president of workforce equity and compliance strategy, principal consultant, at DCI Consulting.

“Perhaps folks just need a few years of experience with a high-deductible health plan and an HSA to figure out the role it plays in their personal finances.”

In practice, this means HR and TR leaders must develop a deeper understanding of both their own organizational context and constraints, as well as the expectations and norms of their workforce.

And, it’s had a mounting impact: ;Pay equity is no longer a compliance tick-box but a strategic priority with major societal/workforce implications.; ;Employees expect open, justifiable pay processes, as well as rewards and benefits that represent their contributions — or become flight risks.; From Performance-Based Pay to Equity Focus A philosophical shift gathering speed in response to equity concerns is the separation of base salary adjustments from performance evaluations.

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