Comp and Coffee
Episode 88 - Top Predictions for HR and Compensation Management in 2024
Jan 10, 2024
In this episode, the hosts discuss top predictions for HR and compensation management in 2024. They cover various topics such as legislation and advancements in technology, the impact of pay transparency on compensation data, the use of AI in the industry, and advice for professionals to stay current and prepare for the trend of pay transparency.
29:00
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Quick takeaways
- More states are expected to propose and potentially pass pay transparency laws in 2024, pushing employers to modernize their compensation practices and standardize pay communications.
- AI is impacting the demand for data in the compensation industry, with organizations automating job matching and job summary generation, but caution is needed to address biases and ensure transparency in AI usage.
Deep dives
Predictions for Pay Transparency Legislation in 2024
In the podcast episode, Lulu discusses her predictions for pay transparency legislation in 2024. She anticipates that more states, such as Wisconsin, New Jersey, Maine, Massachusetts, and Washington, D.C., will propose and potentially pass pay transparency laws. Lulu emphasizes that more legislators are recognizing the importance of pay transparency for employees and candidates, and no state wants to be left behind. She also mentions that in the European Union, member states have until June 2026 to pass laws complying with the EU pay transparency directive, which aims to close the gender pay gap. Lulu predicts that member states will start passing these laws in 2024.
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