2024 Benchmark Compensation Survey Executive Summary

Compensation Planning

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As 2024 continues to unfold, shifts that may remain and affect employers include the pressure of workforce reductions, hiring freezes, budget constraints, talent acquisition, the emergence of artificial intelligence (AI), and more. Organizations should be proactive by developing business and talent strategies to navigate persistent trends.

While recruiting and retaining talent has eased for some employee groups, challenges are still present for the majority. Remaining forward-thinking in recruiting and retaining employees can be pivotal for organizations to succeed in today's competitive talent market. Organizations can achieve this by leveraging diverse sourcing channels, staying attuned to emerging talent trends, continuously fostering a positive work environment, providing avenues for professional growth and development, and maintaining strong communication.

With employee turnover remaining high in the last few years, retaining skilled leaders who can navigate complex and uncertain situations has been problematic for some employers. Looking within the organization and identifying emerging leaders can play a vital role.

2024 Benchmark Compensation Survey Cover