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

10/26/23 • 43 min

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 Practice
Contact:
Greg's LinkedIn
Rebecca's LinkedIn
Courtney's LinkedIn
Garry's LinkedIn
Eric's LinkedIn
Mara's LinkedIn
David's LinkedIn
Dwight's LinkedIn
Podcast Manger: Karissa Harris Email us!Production by Affoga

Send us a text

Summary:

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:

Previous Episode

Adriana DiNenno and Christine Burke - The Power of Data Driven Recruiting

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Summary:

Adriana DiNenno is a Product Manager at Health eCareers. She’s spent her career working within recruiting and all things HR, and she has a passion for helping people find jobs. Christine Burke is a B2B Marketing Director at Health eCareers with 15 years of experience in brand management, email marketing, demand generation, and storytelling.

In this episode, Adriana and Christine talk about the role of data in recruitment and how it can help optimize recruiting processes.

Chapters:

[0:00 - 5:09] Introduction

Welcome, Adriana and Christine!
Today’s Topic: The Power of Data Driven Recruiting

[5:10 - 18:36] How data helps in the recruitment of physicians and nurses

In the current drought of physicians, data help recruiters craft the most attractive job postings possible
The benefits of collecting data points along the recruitment funnel

[18:37 - 23:44] How to use data from surveys, A/B tests, and qualitative research to inform better business decisions

Crafting job postings that will attract successful candidates
Tracking clicks and engagement with job postings and along recruitment funnel to improve process and identify applicant pain points

[23:45 - 31:34] What kind of behavioral analyses to use for recruiters and applicants

Finding trends in job seekers’ clicks and views to pinpoint what is most attractive
Responding to trends in the job market, like the shift from full-time to contract work

[31:35 - 34:17] Final Thoughts & Closing

Why you should partner with someone who can help you analyze your website and recruitment process
Thanks for listening!

Quotes:

“What makes a job posting more desirable to view vs. another one? Is it the way it’s written? Is it catchier than others? There’s a lot that you can get out [analyzing job seekers’ behaviors].”
“When organizations have a hard time finding talent, they have to pivot and get creative.”
Contact:
Adriana's LinkedIn
Christine's LinkedIn
David's LinkedIn
Dwight's LinkedIn
Podcast Manger: Karissa Harris Email us!Production by Affogato Media

Next Episode

Anna Tavis, Ph.D - How AI Will Transform Digital Coaching

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Summary:
Anna Tavis, Ph.D is a Department Chair, Clinical Professor, and Academic Director of the Human Capital Management Department at NYU’s School of Professional Studies. She’s a former Executive Editor of People+Strategy Journal and is currently an Associate Editor of Workforce Solutions Review. She’s also a published author with her most recent work, Humans at Work: The Art and Practice of Creating the Hybrid Workplace, having been published in the spring of 2022.

In this episode, Dr. Tavis talks about digital coaching and how we can expect it to change with the recent explosion of AI.

Chapters:

[0:00 - 5:48] Introduction

Welcome, Anna Tavis, Ph.D!
Today’s Topic: How AI Will Transform Digital Coaching

[5:49 - 11:08] A short history of coaching

The origins of coaching in ancient civilizations and the rise of modern coaching in the early 20th century
Coaching was traditionally a luxury item limited to senior ranks

[11:09 - 32:36] How coaching changes with the introduction of new technologies

Democratization of coaching and overcoming issues with scalability
The rise of AI and its role in modern-day digital coaching

[32:37 - 39:17] How do we prepare for the next generation of digital coaching?

Most of the systems we use at work already have (or will soon have) integrated AI
If you don’t embrace the use of AI, you will be left behind

[39:18 - 40:24] Closing

Thanks for listening!

Quotes:
“Digital coaching can be spread much more broadly throughout an organization [compared to traditional coaching].”
“The biggest unknown in the next phase [of digital coaching] is how humans are going to react, respond, and adapt.”
Resources:
Humans at Work: The Art and Practice of Creating the Hybrid Workplace
Contact:
Anna's LinkedIn
David's LinkedIn
Dwight's LinkedIn
Podcast Manger: Karissa Harris Email us!Production by Affogato Media

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

Transcript

Announcer00:00:02.669

Here's an experiment for you. Take passionate experts in human resource technology. Invite cross industry experts from inside and outside HR. Mix in what's happening in people analytics today. Give them the technology to connect, hit record, pour their discussions into a beaker, mix thoroughly. And voila, you get the HR Data Labs podcast, where we explore the impact of data and analytics to your business. We may get passionate and even irreverent