Success Story: Mike Jacobs, United Rentals

Relief seems to be in sight as macroeconomic and labor market trends suggest that both inflation rates and unemployment rates will moderate throughout 2024, leaving us with the lowest rates since the start of the pandemic. As hiring begins to increase, it is more important than ever to get pay right. Employees will have more mobility and options in 2024 as hiring plans expand, and pay transparency trends show that more candidates report an unwillingness to apply for positions that do not include salary information. Pay data reporting requirements, like those in California and the E.U. will continue to shift norms and behaviors around transparency. With employee demands and new legislative requirements in place, this means the push towards more transparent pay practices is here to stay. HR leaders and managers will continue to field questions from employees about pay practices they might not be prepared to answer. Some Critical Action Steps you can take as an HR Pro to recruit and retain top talent are: ○ Develop or refresh your organization’s compensation philosophy and make sure it is socialized throughout your organization. ○ Build salary ranges based on credible market data. ○ Conduct pay equity assessments to spot any gaps early on. Download this report to discover all of the 2024 Comp Trends & Insights.

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Between state transparency laws that are becoming more prevalent each year and an increased social awareness of fairness in compensation, pay equity has never been more important in businesses than it is now. A study from Harvard Business Review in 2022 reported that 74% of executives consider pay equity a moderate or high strategic priority. And yet, that same report found that only 41% of employees had successfully achieved pay equity. Why have employers struggled to achieve their goals in this regard? Part of the issue is that many organizations don’t know where to begin, and equity can refer to both internal equity and external market equity. There are different options and methods available to start the journey without an obvious road map. The goal of this paper is to provide that roadmap.

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The reality is that whether you provide support to your employees after a layoff or reduction in force usually is not the determining factor in whether your employees land a job or not. Most people find a job after a layoff. But, in the digital age, disgruntled employees are more likely than ever to leave negative reviews of your organization online, sit on unemployment benefits longer than necessary, and cost your organization more money in the long-run through future cost-per-hire or a negative reputation. The statistics are staggering, and you cannot leave your organization’s reputation or brand equity to chance or in the hands of your former employees.

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