Relief is in Sight: Q1 2024 Comp Trends & Insights

Publisher: OpenComp

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Relief is in Sight: Q1 2024 Comp Trends & Insights

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.