In 2023, compensation and benefits teams will face a crucial challenge: how to balance the need to offer competitive total rewards that attract and retain key talent with the reality presented by an economy in flux.
This is reflected in research by firms including insurer Principal Financial Group, which found in a survey of 500 U.S. employers that while 70% said they agreed a recession is likely to happen by midyear, 52% would not reduce the level of benefits they offered and 58% would not reduce salaries. Small employers were more likely than large employers to say they would not make cuts.
