Episode 88 - Top Predictions for HR and Compensation Management in 2024

We are again discussing Gender Pay Gaps and the findings from our recently released GPGR. In our last episode, we introduced you to this year’s report and the overall outcomes. Today we are going to build on that and delve into more of the reports insights and discuss some of the potential drivers of pay gaps. Picking up from our last episode, we'll take a deeper dive into the Payscale Gender Pay Gap Report.  We'll start with a quick summary of report findings, then explore how age affects the pay gap. Additionally host Ruth Thomas together with guests Amy Stewart and Kelly Campana will also discuss how changing views of women's work can influence how we measure the gap itself.  Most importantly, we'll focus on practical tips for closing the gap by highlighting what employees bring to the company. Listen and explore actionable ways to create a more equitable workplace! Key Takeaways: Quick summary of Payscale’s gender pay gap report Why does age affect the gender pay gap? The idea behind how to measure the pay gap and how historical ideas around women’s contribution to the world are changing It is important to remind employees about where is their best contribution lies and happen Women who work from home have a wider pay gap than those who work in offices   Resources: Payscale Website: www.payscale.com  Email: [email protected]

Our discussions this month are all aimed at raising awareness and encouraging action to eliminate bias and discrimination entirely from our workplaces and society at large. This year’s Women’s History Month theme “Women Who Advocate for Equity, Diversity and Inclusion" which is very appropriate for this conversation. Today, host Ruth Thomas welcomes guests Michelle Gyima and Amy Stewart to analyze data from the recently published Gender Pay Gap Report 2024. This report, now in its tenth year, offers a much deeper understanding of the factors driving pay gaps. Together, they'll delve into the report's insights and share their perspectives on the analyzed data. Key Takeaways:   How much women are paid compared to men? The uncontrolled pay gap Gender stereotypes in the workspace and how they affect overall pay Bias in pay history Why pay gaps don’t close just because of pay transparency legislation  How organizations can address the Gender Pay Gap?   Resources:   •2024 Gender Pay Gap Report: www.payscale.com/research-and-insights/gender-pay-gap Payscale Website: www.payscale.com  •Email: [email protected]   

In January, we saw 22 U.S. states boosting their minimum wage rates with effect from the 1st of the month and three more planned later this year. So now there will soon be 30 states with minimum wages higher than the federal standard, which is $7.25 per hour for non-exempt workers. In this episode, we're talking about the impact this is having and will have. Have you ever wondered how minimum wage could impact your pay? Tune in, and let's find out! Join Ruth and her guests, Vicky, Lulu, and Kim, as they delve into the specifics of minimum wages.  Gain practical tips on attracting and retaining top talent, understand the effects of minimum wages on pay dates, and discover how increasing the minimum wage may align with environmental, social, and governance policies. Join us in this discussion as we explore the rewards and complexities of the expanding job market.   Key Takeaways: Minimum wage in U.S. history The Wage Act bill proposal How to attract and retain your best workers  The impact of minimum wages on pay dates How increasing the minimum wage will contribute to environmental, social, and governance policies How to solve pay compression   Resources: Payscale Website: www.payscale.com  Minimum Wage Report: https://payscale.com/research-and-insights/minimum-wage-report Email: [email protected] 

Curious about job market trends in 2024? Join us in this episode as we delve into market predictions and the evolving compensation landscape for this calendar year.  Our thought leaders at Payscale will discuss the fate of talent acquisition and share insights to help you navigate the changing world of work. Tune in with our guests, James and Lulu, as they break down key aspects of the job industry this 2024.    Key Takeaways: Legislation and advancements in technology What is ahead in the legislative landscape in 2024 and for those managing compensation? Does the 2024 presidential election impact the legislation? Pay transparency and its impact on compensation data Using job posting data as an additional source for compensation professionals How does Payscale use AI for this calendar year? What is the one thing that surprised them in 2023? Resources:  Payscale Website: www.payscale.com  Payscale End-of-Year Report:  https://www.payscale.com/research-and-insights/2023-end-of-year-report/  Payscale HR Predictions Guide:  https://www.payscale.com/research-and-insights/2023-end-of-year-report/#module-23  Email: [email protected]

As we close out the year, this discussion centers the state of the labor market as we pivot into 2024 as well as hot jobs and this year. What are the predictions from our thought leaders here at Payscale? Listen to find out! Let's dive into Payscale’s 2023 End-of-Year Report! In this episode, guests Amy Stewart and Lexi Clarke provide insights into the state of the job market as we approach 2024. They highlight the top 10 in-demand jobs of 2023 with significant wage growth and reveal the jobs people are most inclined to quit, drawing from Payscale’s employee-reported survey data. Key Takeaways: How do you come up with the end-of-year report? What is the condition of the labor market in the upcoming years? Labor force specifications are at historic lows. Employer and employee friction is not going away. Is pay going to be as high in 2024? Transparency is huge. The "hot jobs" list highlights  Sneak Peak: Top predictions for 2024   Resources: Payscale Website: www.payscale.com  Payscale End-of-Year Report:  https://www.payscale.com/research-and-insights/2023-end-of-year-report/  Email: [email protected] 

Vicki, Liz, and Ruth discuss the gender pay gap -- what it is and how it's looking for next year. Is your organization taking necessary action to close the gap?   In this episode, we're peering into the future—2024, to be exact—to predict what changes lie ahead for the gender pay gap. Our guests, Vicky Peakman and Liz Sheffield, will be breaking down the factors that could impact who earns what, exploring everything from how workplaces are evolving to new policies on the horizon. Join us for this chat as we talk about the possibilities, making sense of what the working world might look like in just a few years and how we can bridge the gap together! Key Takeaways: Looking at potential predictions in the year 2024 on gender pay gaps. Setting your intentions straight The mean pay gap for full-time workers. Examining the uncontrolled pay gap versus the controlled pay gap. How will the gender pay gap evolve throughout the next year? Exploring how the pay gap reached its lowest amount during the pandemic. Do women of different races experience varying impacts from the gender pay gap? Measure your pay gaps at all times. Resources: 2023 Gender Pay Gap Report Payscale Website: www.payscale.com  Email: [email protected] 

Amy, Ruth, and Russ discuss remote work, RTO mandates, and the impact this is having on the workplace. How will new policies and expectations impact your workforce? In this episode, we delve into the dynamic landscape of remote work and the evolving scenarios surrounding return-to-office mandates. Explore the latest trends, challenges, and opportunities shaping the future of work as we navigate the intersection of technology, workplace culture, and the ongoing impact of global events.  From the thrill of flexible schedules to the challenges of Zoom fatigue, we're dissecting it all!   Key Takeaways: Remote work policies, expectations, and return-to-office policies Adjusting to the shift in our working environment Increase in hybrid and remote organizations compared to traditional offices Challenges when it comes to return to the office Is productivity really the issue when moving to remote work? Building company culture from a distance Differences in pay with remote and traditional workers Resources: Payscale Website: www.payscale.com  2023 Remote Work Report: https://www.payscale.com/research-and-insights/remote-work/ Email: [email protected] 

Liz, Lulu, Ruth, & Russ discuss Pay Transparency from the employees perspective. Is this your company's opportunity to build a better brand?   Assets: Payscale Comp Quick Guide: Understanding Employee Reaction to Pay Transparency  

Sara Hillenmeyer, Payscale's Director of Data Science, and Lulu Seikaly, Senior Corporate Attorney @ Payscale, join Ruth & Russ to discuss a recent article about two brothers who both drive for Uber. The brothers recently conducted an experiment. They opened their Uber apps while sitting in the same room, and tested which brother could earn more money to do the same work. They found that Uber showed them nearly identical jobs but offered to pay one of them a little better. The siblings could only guess why. Had Uber's algorithm somehow calculated their worth differently and how did they do that?   We discuss this topic and the broader implications of algorithmic pay. Related links: New NY Anti Bias in AI Law effective this month https://hrexecutive.com/why-ai-is-not-a-get-out-of-jail-free-card-for-talent-bias/?oly_enc_id=5456A4959923A9Y   The potential of "algorithmic wage discrimination":  https://www.npr.org/2023/04/25/1171800324/rideshare-drivers-raise-questions-about-how-algorithms-set-drivers-pay-rates?utm_source=facebook.com&utm_campaign=npr&utm_medium=social&utm_term=nprnews   

We discuss the growing number iniatives, such as those lead by 4dayweek.com, around the 4 day work week and the concept of 100:80:100.  100% pay for 80% time worked with 100% productivity targets. Is this working smarter, harder, both, or neither?     Related links: https://worldatwork.org/resources/publications/workspan-magazine/the-power-of-four    https://www.businessinsider.com/work-from-home-return-to-office-sexism-women-bosses-employees-2023-4?r=US&IR=T https://www.pewresearch.org/social-trends/2023/03/30/how-americans-view-their-jobs/  https://www.4dayweek.com/about-us https://www.wsj.com/articles/after-testing-four-day-week-companies-say-they-dont-want-to-stop-a06089cc https://www.cnbc.com/2023/02/24/worlds-biggest-4-day-workweek-experiment-shows-big-health-benefits.html#:~:text=Employers%20and%20workers%20around%20the,their%20health%2C%20finances%20and%20relationships ·