1、Employers continue commitment to pay equity in a turbulent year The state of pay equity in 2023 2022 was a turbulent year,with labor market challenges,wage growth,a cost-of-living crisis,ongoing business transformation,and concerns of a possible economic downturn challenging traditional approaches t

2、o compensation management.Pay equity focus shifted as states began passing pay transparency laws and the Great Reevaluation fueled job moves and pay compression concerns.This whitepaper provides the key facts and guidance you need to adopt a proactive stance on pay equity in order to close pay gaps

3、and ensure that pay fairness is embedded across compensation management practices and handled in a sustainable way.2Executive SummaryIn 2022,we saw how increasing unpredictability as well as the compounding challenges of the pandemic and economy have impacted compensation management.Concerns around

4、pay equity remain high amongst stakeholders,as employees,investors,and consumers have all been affected.Against this landscape,there were some key developments in approaches to pay equity this year as revealed by our 2023 Compensation Best Practices Report.Wage growth dominated the first half of 202

5、2 First,pay became more important in the context of a cost-of-living crisis.Employee sentiment surveys during 2022 ranked pay as a primary concern,and strong employee bargaining power led to wage growth.Employees high expectations about pay made it difficult for employers to maintain pay equity in a

6、 fast-moving market and led to pay compression and pay inequity concerns.Pay transparency dominated the second half of 2022 In the second half of the year,pay transparency became the hot topic as new legislation was passed or proposed to require the disclosure of pay ranges in job advertisements.Emp