25th January 2017
2016 has been a dramatic year of political change in Europe and the US. This has begun a period of global economic uncertainty, which will arguably impact businesses and their reward budgets. So what will the pay landscape look like in 2017?
Over the next year, it will be more important than ever to effectively manage compensation spends and implement talent management strategies. Identify individuals who deliver the most value, and make sure they are engaged and most critically, retained as key talent.
Performance-related pay will continue to be of value to many organisations, however it’s also vital to address to pay gaps within the business. Pay equality is set to become a huge trend this year as gender pay gap reporting comes into play, but equal pay and pay equity will also become game changers. Transparency will no longer be an option – equal pay data will be published for all to see, so businesses need to address any noticeable flaws as soon as possible.
Of course, analytics tools will continue to be a trend in 2017 as companies start to discover the advantages of analysing compensation data. Software such as CuroComp can help reward teams make informed decisions and measure the impact of pay and reward. This gives professionals the power to change and adapt if the business outcomes are not being achieved.