David Turetsky and Katie Stukowski - HR Tech 2023 - Pay Trends Dominating 2024

HR Data Labs podcast

English - January 23, 2024 12:00 - 56 minutes - 39.1 MB - ★★★★★ - 12 ratings
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Summary:

The HR Technology Conference 2023 was held in Las Vegas, Nevada in October 2023 and our very own David Turetsky and Katie Stukowski presented on the pay trends that will dominate 2024.

In recent years, the landscape of pay practices has undergone significant transformations. From employee demands for greater pay transparency and equity, to the growing importance of accurate job descriptions and skills assessments, to the unpredictable twists of a volatile economy, HR teams are adapting at lightning speed. This session will review anticipated pay trends for 2024 and how employers can use data and technology to stay ahead of these developments.

In this episode, David and Katie talk about salary trends, pay equity trends, technology trends, and more.

Chapters:

[0:00 - 3:30] Introduction

This episode was recorded live at the HR Technology Conference in October 2023!Today’s Topic: Pay Trends Dominating 2024

[3:31 - 18:32] Business and compensation trends

How pay influences the psychology of how employees workDifferentiating performance with low increase percentages

[18:33 - 38:54] Pay equity and the skills taxonomy

Pay equity is not a “nice to have” anymore—it’s the ruleWhy job descriptions and career frameworks influence employee retention

[38:55 - 54:03] Competitive pay and market pricing

The impact pay transparency can have on hiring and retentionWhat to do about AI when it starts “working” for your company

[54:04 - 56:47] Closing

Thanks for listening!

Quotes:

“Compensation is the link between the employee and the employer to build the trust that they are valued within that organization, and you can’t get compensation right without accurate job descriptions.”

“Pay equity is the right thing to do. That’s equal pay for comparable work that is internally equitable, externally competitive, and transparently communicated.”

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Podcast Manger: Karissa Harris
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Production by Affogato Media