NFP Compensation Insights | December 2023
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Compensation Resolutions for 2024
A new year is around the corner and it’s a great time to reflect on experiences from this year and reevaluate compensation strategies for a successful 2024.
In this month’s featured article, we share our top recommendations to enhance your compensation structures and get you on the right track for the new year! These are important guidelines that can have great impact in effectively attracting and retaining the talent you need to reach organizational goals. We hope the information presented helps you prioritize your action list for 2024. As always, don’t hesitate to reach out to NFPCC for expert guidance in your compensation planning.
The NFPCC team wishes you a joyous holiday season and a prosperous 2024!
By Madison Lewis
Following the fluctuating trends in compensation over the last few years, it is important for companies to take a step back and reassess what compensation means, its purpose, and how it is evaluated. As the market continues to stabilize, after a few years of historic changes, there are a few primary resolutions to aid companies in reestablishing best practices and motivating the talent we aim to retain.
What Will Happen to Employee Compensation in 2024?
2023 was another turbulent year in the hiring market. Staff turnover remained high across the board, with some industries facing an unfortunate need to implement cuts. Meanwhile, most employees felt the effects of rampant inflation, which outpaced 2023’s record salary increases.
Emerging Compensation Management Trends for 2024
As organizations strive to attract, retain, and motivate top talent, compensation management continues to evolve. In the year 2024, several trends are expected to shape how businesses approach compensation strategies.
NEWS & UPDATES
Ensure Your Disclosures are Effective and Compliant
As we start preparing for proxy season, NFPCC is ready to assist you in the development and overall structure of your CD&A disclosure. Leveraging extensive experience and knowledge of real-time best practices in the evolving shareholder communication platform, our consultants will help you craft an effective message to your investor audience while fulfilling SEC requirements.
Avoid Risks and Gain a Competitive Advantage in Your Industry
As you prepare for 2024, don’t miss this essential part of your budget planning – conduct a pay equity assessment and ensure you start the new year on the right foot! A pay equity analysis by NFPCC can identify any problematic issues in your compensation plans that could possibly have a negative effect or that are not in compliance with current pay equity regulations. NFPCC can conduct an honest and objective review of your pay structures to determine the possible existence of pay discrimination within your company and identify red flags so you can rectify before it happens.
Ensure compliance and boost retention with a pay equity analysis.
Learn more about our process.
