Compensation finds itself at a pivotal crossroads, with companies grappling to identify the most suitable path forward. Companies need to start looking at transformative changes and not just quick fixes. Acknowledging the necessity for a thorough overhaul of compensation strategies is the first step toward ensuring long-term organizational success.

We have broken down the four biggest challenges facing compensation in 2024.  

Challenges to Compensation in 2024
1. Navigating Uncertainty and Adapting to a Dynamic Economic Landscape
2. Adjusting Compensation Strategies in a Stabilizing Labor Market
3. Advancing Pay Equity & DEI 
4. Increasing role of technology in modern compensation management

Our goal here is to highlight the critical factors impacting compensation and its professionals in 2024, emphasizing the importance of preparing for these evolving challenges. To guide you and your organization through this evolving landscape, we also propose three strategic approaches for effective long-term success. 

Read the paper to set yourself on the right path for 2024!