Compensation work often is referred to as a field that requires a delicate balance of scientific and artistic skills, but new data may be tipping the scale in an unexpected direction toward the arts.
Today, WorldatWork and Salary.com released the results of a new survey, The Compensation Function of the Future: Looking Ahead to 2020, which examines the evolving compensation role in organizations. The results show that, while traditional compensation tasks such as market pricing jobs aren’t going away anytime soon, new work that relies on communication and strategic thinking will become increasingly important.
“As technology capabilities grow and take on many of the more scientific compensation tasks, the artistic, contextual elements of the compensation function are becoming the differentiators,” said Alison Avalos, CCP, CBP, GRP, WorldatWork director of membership and total rewards strategy. “To be successful in 2020, future compensation and HR professionals will need a greater strategic understanding of their organization to be able to tell a story from the data that technological advances are producing. The need for this contextual expertise and the ability to articulate it to leaders is evident in the educational and experiential preferences that survey respondents predict.”
“Compensation professionals can see how the modern war for talent shapes their business today, and deeply understand how the changing nature of work — and of pay — will have dramatic impacts on their business in two to three years,” said Alys Scott, CMO at Salary.com. “It’s no surprise that as the compensation function looks to meet these new business challenges, they are reassessing the skills and technologies their teams will need to leverage in 2020 to streamline workflows, predict outcomes, enable improved transparency, and better connect with business leaders to drive results.”
NOTE: Credentialed journalists may request a complimentary copy of the survey report by contacting Melissa Murdock at firstname.lastname@example.org
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