Putting it together compensation packages It is one of the core responsibilities of the HR function, but the rules have changed. In the meantime it’s a salary still the most important When putting together an offer letter, benefits play an increasingly important role for employees who expect more from employers.
“You have to pay competitively, but that’s table stakes,” said Ron Seifert, head of employee rewards and benefits at organizational consulting firm Korn Ferry. luck. Business leaders need to “understand how to differentiate from a benefits perspective,” he says, along with other things like bonuses and stock incentives.
luck He spoke to five compensation professionals to get to the bottom of why the staff really appreciate it—and demand— from the 2024 salary packages. Retirement plans and employer contributions are classics, but other benefits are catching on quickly. making them essential news.
Support for care has become increasingly popular as millennials have children and “sandwich generation” of the workers with old parents try yourself costs have risen and responsibilities Mental health benefits they have become a mainstay post-pandemic. It’s the same programs to help teachingespecially for the young generation Z workers.
And although they are not technically part of the compensation, remote work and hybrid work policies have a special mention. About 63% of US workers said it was telecommuting the most important part a job for them, above salary, work-life balance and being a good boss, according to one in 2023. survey By FlexJobs. Employees want the freedom to work from home so much that they are ready for it take a pay cut.
“People are willing to take less pay if they’re allowed to have a very heavy remote or hybrid, mostly at-home type of schedule,” said Brandi Britton, chief executive of Robert Half, a management consulting firm. luck
You can read more about the new rules when putting together the best compensation packages here.
Emma Burleigh
emma.burleigh@fortune.com
around the table
Summary of the most important HR topics.
Morgan Stanley is betting big on AI: The company is rolling out a new internal tool that helps employees extract answers from the company’s entire research database. NBC
Boeing’s new chief is pledging to “fundamentally” transform the aerospace giant’s culture after a strike that continued last month. The Guardian
U.S. workplaces are in the midst of the “Great Recession”: workers aren’t leaving their jobs fast enough, leaving many people feeling stuck in their roles. Business Insider
Water cooler
Everything you need to know luck.
Get wise Job seekers are using AI to test and go through the recruitment processand recruiters are starting to catch on. — Orianna Rosa Royle
Don’t call them lazy. Generation Z is more likely than other generations work during lunch. -Jane Thier
ABBA is crazy. Famous musicians gathered on Tuesday sign a letter to protest their use of music to train AI. – The Associated Press
