Compensation Trends: What was Everyone Talking About?

It's fascinating to look back at the leading compensation trends and events in HR and compensation in years' past. Last month's hot topics included H-1B policy changes, succession planning, and workplace bias.

The three topics mentioned impact the overall compensation strategy of an organization. To avoid legal problems and maintain a harmonious workplace, read our recommended reads below.

Here’s 10 articles on compensation trends to get you up to speed.

1) H-1B Denials and Requests for Evidence Increase under the Trump Administration

The Trump Administration has enacted policies increasing H-IB visa denials and Requests for Evidence. Going back to April 2017’s “Buy American and Hire American” executive order, these policies have limited high-skilled foreign nationals from working in the United Sates. These includes jobs like scientists, engineers, doctors, etc.

For more data on changing immigration policies and the effects on the American workforce, read the full policy brief.

2) Compensation Trend Essential: How to Attract and Retain Manufacturing Talent

Many industries are going through a shortage of workers. But the War for Talent has hit the manufacturing industry especially hard. It is important to understand the factors that have created the shortage of skilled workers and what hiring managers can do to appeal to an evolving workforce.

For more information on the talent shortage in the manufacturing industry and how to stay ahead of the war for talent, read our article.

3) It’s Not a Digital Transformation without a Digital Culture.

Undoubtedly, organizations everywhere are adopting digital technology in the workplace. So organizations must evolve their cultures to enable employees to cope with the demands of a digital world.

Additionally, it helps to create a culture of continuous learning. To do this, organizations can provide employees with opportunities for training, development, and experimentation.

Learn more about how businesses are matching digital transformation with a digital culture in this article.

4) US Independent Workforce Remains Strong, according to MBO Partners’ 8th Annual State of Independence Report

Amidst a strong US economy, the independent workforce (as opposed to folks on payroll) has grown to 41.8 million workers in 2018. This accounts for significant economic growth, according to a survey by MBO Partners. Independent workers are especially active in the IT, marketing, and biotech/pharma industries.

To learn more about the trends and work/life perks of independent work, check out this press release by MBO.

5) Hiring Survey: Lack of Workers May Mean Companies Need Succession Planning for All Levels

According to a survey from Challenger, Gray & Christmas, 64% of companies are hiring right now. But the strong economy has slowed the “churn” of workers available to fill new roles. And so organizations must consider succession planning to be ready to fill jobs vacated by layoffs or retirees. This means positions not just at the C-Suite but at all levels.

Learn more about how companies should consider succession initiatives for the future.

6) War for Talent: Are Winners Quitting Their Jobs?

In May 2018, about 1 in 7 jobless Americans were voluntarily unemployed and looking for another job . the highest rate of “voluntary unemployment” in more than 17 years. And, for good reason: workers who had switched jobs in the last 12 months saw a 30% increase in annual pay compared to those who stayed in the same roles.

Read more about the viability of job switching and how companies are responding to these flight risks.

7) Compensation Trend in the West Coast: California Attempts to Clarify Salary History Ban

By signing A.B. 168 into law last October, California banned the question on salary history. Now, Gov. Jerry Brown has signed new legislation – A.B. 2282 – clarifying the terms “applicants,” “pay scale,” and “reasonable request,” used in the initial ban.

Visit our site for to learn more about where the salary question is banned. Moreover, check out SHRM’s summary for the specific clarifications on California’s law.

8) Female Financial Advisors Key to Recruiting Women into Industry to Close Gender Gap

Women now control 51% of total U.S. wealth, but just 16% of financial advisers are women. According to a new survey by J.D. Power, female financial advisers are generally more loyal to their firms. But they also have some unique pain points the industry must address.

For more data on the shifting financial advisement industry, and how these women will impact the workforce, read the press release.

9) Stanford Study Shows How Job Candidates Show Their Emotions Results in Workplace Bias

Taught to go into a job interview calm, cool, and collected? Playing it too mellow may be detrimental. According to a Stanford study, American employers tend to favor excited over relaxed candidates.

Check out the study to learn more about how candidates' emotions and an organization’s culture can lead to hiring bias.

10) Technology in Compensation Trends: Forging a Digital Path to World-Class HR

Salary.com strives to keep consumers and businesses appraised of cutting edge HR practices. World-class organizations spend 26% less than standard HR groups with 32% less staff, according to research by the Hackett Group. The report provides specific efficiency and effectiveness performance metrics and tips to begin a digital transformation.

Download the research here to learn more about how to keep HR ready for the war for talent.