David Turetsky and Katie Stukowski - HR Tech 2023 - Pay Trends Dominating 2024

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Summary:

The HR Technology Conference 2023 was held in Las Vegas, Nevada in October 2023 and our very own David Turetsky and Katie Stukowski presented on the pay trends that will dominate 2024.

In recent years, the landscape of pay practices has undergone significant transformations. From employee demands for greater pay transparency and equity, to the growing importance of accurate job descriptions and skills assessments, to the unpredictable twists of a volatile economy, HR teams are adapting at lightning speed. This session will review anticipated pay trends for 2024 and how employers can use data and technology to stay ahead of these developments.

In this episode, David and Katie talk about salary trends, pay equity trends, technology trends, and more.

Chapters:

[0:00 - 3:30] Introduction

• This episode was recorded live at the HR Technology Conference in October 2023!
• Today’s Topic: Pay Trends Dominating 2024

[3:31 - 18:32] Business and compensation trends

• How pay influences the psychology of how employees work
• Differentiating performance with low increase percentages

[18:33 - 38:54] Pay equity and the skills taxonomy

• Pay equity is not a “nice to have” anymore—it’s the rule
• Why job descriptions and career frameworks influence employee retention

[38:55 - 54:03] Competitive pay and market pricing

• The impact pay transparency can have on hiring and retention
• What to do about AI when it starts “working” for your company

[54:04 - 56:47] Closing

• Thanks for listening!

Quotes:

“Compensation is the link between the employee and the employer to build the trust that they are valued within that organization, and you can’t get compensation right without accurate job descriptions.”

“Pay equity is the right thing to do. That’s equal pay for comparable work that is internally equitable, externally competitive, and transparently communicated.”
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Katie's LinkedIn
Podcast Manger: Karissa Harris
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Production by Affogato Media