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

Send us a text 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 everyone Thanks 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 PracticeContact:Greg's LinkedInRebecca's LinkedInCourtney's LinkedInGarry's LinkedInEric's LinkedInMara's LinkedInDavid's To schedule a meeting with us: https://salary.com/hrdlconsulting For more HR Data Labs®, enjoy the HR Data Labs Brown Bag Lunch Hours every Friday at 2:00PM-2:30PM EST. Check it out here: https://hrdatalabs.com/brown-bag-lunch/ Produced by Affogato Media