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ARTICLE · 11 MARCH 2024

2024 Total Rewards Leaders: Thriving Amidst Challenges, Embracing Change

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Total rewards leaders are leveraging AI and optimizing programs for employee wellbeing, cost efficiency and talent attraction. Adapting quickly creates new opportunities...

United KingdomTechnology
Kenneth Kuk
Kenneth Kuk
Monica Martin
Monica Martin

Total rewards leaders are leveraging AI and optimizing programs for employee wellbeing, cost efficiency and talent attraction. Adapting quickly creates new opportunities and a competitive advantage.

Organizations are facing a number of macro challenges, such as economic uncertainty, geopolitical conflicts and rapid technological advancements, particularly in artificial intelligence and automation. Employees' expectations are shifting, and companies continue to feel pressure from unionization/labor activity.

Meanwhile, the labor market remains fragmented, grappling with skill demand-supply mismatches and demographic shifts. Labor costs remain a key focus area for businesses going into 2024. Salary budgets continue to be above norms compared to the past two decades and global healthcare cost increases hit a historic high of 10.7% in 2023, with similar projections for 2024.

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