Salary.com's Senior Consultants - HR and Comp Predictions for 2024

Summary:

This is a special episode featuring a roundtable discussion that includes the following Senior Consultants from Salary.com: Greg Wolf the Managing Principal of Salary.com's Consulting Practice, Rebecca Gorman a Principal of Compensation Consulting, Courtney LeCompte a VP of Compensation Consulting, Garry Straker a VP of Compensation Consulting, Eric McMillan a VP of Compensation Consulting, and Mara Marino a Senior Compensation Consultant. 

In this episode, Salary.com’s Senior Consultants join David and Dwight for a roundtable discussion where each shares their predictions for 2024. 

Chapters:

[0:00 - 8:36] Introduction

Welcome, Salary.com Senior Consultants!Today’s Topic: Senior Consultants Predict the Future of HR and Compensation in 2024

[8:37 - 11:34] Greg’s Prediction: Salary increase budgets will shrink

Distinguishing between changes in merit increase budgets and budgets for total increase

[11:35 - 13:01] Mara’s Prediction: More companies will choose to invest in automation

Existing automation and AI is hit-or-miss; time will tell where it will be a good alternative to human labor

[13:02 - 16:01] Courtney’s Prediction: Organizations will seek out creative strategies to recruit and retain talent

Employee surveys could help organizations better understand their employees and their wants

[16:02 - 19:00] Garry’s Prediction: Organizations will start better communicating career progression to their employees

Some legislation is pushing this and many organizations have already taken interest in this shift

[19:01 - 24:58] Eric’s Prediction: Remote work will continue to be very popular among the labor force

For roles where remote work isn’t an option, flexibility may be a comparable benefit

[24:59 - 28:29] Rebecca’s Prediction: Organizations will develop better infrastructure around job architecture and compensation and benefits budgets

Government regulations can help push companies to maintain this infrastructure

[28:30 - 36:15] David’s Prediction: High schools and universities will start training students how to best leverage artificial intelligence

Though AI is still in its infancy, it’s being developed at a rapid pace

[36:16 - 43:17] Final Thoughts & Closing

Final thoughts from everyoneThanks for listening!

Quotes:

“We’re going to see organizations continue to seek out creative strategies to stand out recruit and retain talent.”

“I do wonder what impact the development of artificial intelligence will have on wage growth and if it will put downward pressure on wages.”

Resources:
Salary.com's Consulting Practice

Contact:
Greg's LinkedIn
Rebecca's LinkedIn
Courtney's LinkedIn
Garry's LinkedIn
Eric's LinkedIn
Mara's LinkedIn
David's LinkedIn
Dwight's LinkedIn
Podcast Manger: Karissa Harris
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Production by Affogato Media