Roughly half of employers use a pay methodology based on market pricing for locations where they have offices. About a quarter of respondents said they use geographic differentials or pay zones to manage pay by location.
More than one-third of organizations said they've eliminated the 'paper ceiling' - They no longer require a degree for salaried positions. Forty-five percent don't consider education a compensable factor.
Compensation is considered the biggest challenge in 2024, yet it's no longer the highest-priority investment. Modernizing HR software is the only area with increased investment.
Respondents highlight key compensation issues: budgeting for, or managing pay increases; rewarding performance; and maximizing compensation budgets. Larger organizations are more likely to have dedicated compensation resources.
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