NYCA Spring Panel - Tackling the New Complexities of Compensation Planning

Send us a text Summary: This episode is a recording of panel discussion that took place during the recent NYCA event in which Sean Luitjens, General Manager of total rewards analytics at Visier, Jackie Rubin, Associate Director of talent and rewards at Willis Towers Watson, and K.C. Weinraub, VP of total rewards at eHealth, answer questions posed by our very own David Turetsky. In this episode, Sean, Jackie, and KC talk about the past, present, and future world of pay and tackling the new complexities of compensation planning. Chapters: [0:00 - 9:46] Introduction Welcome, Sean, Jackie, and KC! Today’s Topic: Tackling the New Complexities of Compensation Planning [9:47 - 17:30] In what surprising ways does pay affect compensation planning? Communication of compensation plans is increasingly becoming HR’s scope Developing a data strategy before rolling out an AI strategy [17:31 - 36:01] What pay decision issues are we anticipating for the rest of 2024? Developing managers as opposed to “knighting” managers How employees weigh compensation vs. benefits when looking for a jobs [36:02 - 49:39] Predicting for changes in compensation planning in 2025 Why it might make sense to revise compensation plans more frequently How pay increases might change in the future [49:40 - 62:36] BONUS: What scares you about the future of pay? Legislation regarding exempt vs. non-exempt employees [62:37 - 63:28] Closing Thanks for listening! Quotes “We have to train our managers and our leaders on how to talk about [compensation plans] to the populations within our organizations.” “I think compensation planning will become more cyclical—three or four times a year. . . . I think that will help with the employee experience and with the manager experience.”Contact:Sean's LinkedInJackie's LinkedInKC's LinkedInDavid's LinkedInPodcast Manger: Karissa HarrisEmail us!Production by Affogato Media 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