Crack the Code to Competitive Compensation and Rewards
While many economists say the labor market will “return to normal” in 2023, a new shape of normal has yet to emerge. Despite stubborn inflation rates and fears of a recession, unemployment rates remain historically low, and organizations struggle to attract and retain key talent. 12023 Global Trends. Gallagher, Jan. 2023 (2023 Global Trends, Gallagher USA,
Recently, Gallagher asked employers globally to weigh in on workforce trends shaping 2023. Compensation and total rewards topped the list, a strategic component to increase satisfaction and drive retention.1 Too often, however, total rewards packages rely solely on industry compensation benchmarks or survey data, yielding an incomplete picture of what will motivate your employees. Blending information from three basic components is key to cracking the code.
By leveraging quantitative and qualitative information analysis from the following sources, HR teams can produce the specific actionable recommendations senior leaders seek to attract and retain talent.
