Payscale’s 2024 Compensation Best Practices Survey is Open for Participation!

Payscale’sCompensation Best Practices Survey for 2024 is now open for participation!

Payscale’s annual Compensation Best Practices Repot (CBPR) is the largest research report dedicated to compensation management best practices and trends. This highly anticipated report will be in its 15th year of publication in 2024.Survey responses from HR leaders, compensation professionals, and anyone else who manages compensation for employees will inform our 2024 Compensation Best Practices Report.

The Compensation Best Practices Survey for 2024, which informs the report, is now open for participation through the end of December 2023. The length of the survey is over 100 questions and takes about an hour to complete. However, the more completions we get, the more substantial the insights, especially when it comes to data cuts by company size, industry, and other factors, which are a key differentiator for this report.

In January 2024, the research and data science team at Payscale will analyze the data. The official report, with data, charts, and a full analysis of the findings, will be published in Q1. The survey focuses on standard comp practices and hot trends on managing compensation and related functions, such as pay increases, how employers are responding to labor shortages, pay transparency, the impact of artificial intelligence, the rise of unions, and skills development.

The focus for the Compensation Best Practices Survey for 2024 and resulting report is on the ongoing challenges that HR leaders and compensation professionals face. Typical sections of the report include:

  • Compensation strategy and structure
  • Base pay increases
  • Salary data and market pricing
  • Pay equity and other forms of pay analysis
  • Pay communications and transparency
  • Job management
  • Variable pay and benefits
  • HR challenges and investments

The Compensation Best Practices Survey for 2024 will also address the hottest topics for compensation and HR professionals in 2024, including:

  • Sentiment on unions
  • Minimum wage
  • Pay transparency legislation
  • Skills-based pay
  • Artificial intelligence

The survey is over 100 questions and uses skip logic and completion tracking to make participation easy. CBPR questions are aimed at understanding helping today’s HR and compensation teams understand, evaluate, and address today’s most pressing talent management issues.

Examples of questions participants will be responding to this year include:

  • What role(s) do you play in compensation?
  • What types of compensation do you manage in your organization today?
  • What do you expect will be the average percent base-pay increase given to employees in your organization in 2024?
  • What is your organization’s overall sentiment around using AI in making compensation decisions?
  • Is pay equity analysis a planned or current initiative at your organization?
  • On a scale of 1–5, how confident are you in your current total rewards packages being effective at attracting and retaining talent?
  • Is your organization experiencing increased tension between ensuring fair pay for employees and optimizing spend on compensation (i.e., controlling costs)?

Although the amount of time required to complete the survey can vary, the time commitment in exchange for the insights offered is time well-spent. Participants can also return to the survey to finish or make changes up until the survey closes. Note that you may need to click through answers to return to the place you left off.

To take the 2024 Compensation Best Practices Survey now, click on this link to get started!

Survey participants receive first access to the report. In addition to contributing to the data that informs compensation planning for thousands of organizations, survey participants are the first to receive the Compensation Best Practices Report. Those who complete the survey are also offered a chance to enter to win a $200 gift card!

Industries for which we collect data to provide insights on compensation best practices include:

  • Agencies & Consultancies
  • Arts, Entertainment & Recreation
  • Construction
  • Education
  • Energy & Utilities
  • Finance & Insurance
  • Food, Beverage & Hospitality
  • Government
  • Healthcare & Social Assistance
  • Manufacturing
  • Nonprofit
  • Real Estate, Rental & Leasing
  • Retail & Customer Service
  • Technology (including Software)

Again, Payscale’s 2024 Compensation Best Practices Report (CBPR) is scheduled to be published in Q1 and will provide insights that include how organizations in these industries are changing their comp strategy and benefits in an uncertain economy. Most importantly, it will highlight how organizations are preparing for the future, in which labor shortages are likely to continue.

Whether you’re dedicated to compensation or focus on HR and total rewards, you’re invited to participate in the survey that will inform compensation planning for 2024 and beyond.

To take the 2024 Compensation Best Practices Survey now, click on this link to get started!