Compensation departments play a crucial role in managing labor costs, the single largest item on an organization’s balance sheet. Yet, with sustained labor shortages, an aging workforce and market-driven recruiting pressures, labor costs often seem beyond control. But the landscape is shifting. With the rise of pay transparency and advancements in predictive analytics, new possibilities are emerging. Imagine forecasting compensation trends over the next two years using algorithmic economic models, identifying the best and worst hiring windows for key roles, and creating highly accurate labor cost budgets. In this session, see how AI and expanding data sources are transforming compensation planning, empowering compensation teams to drive strategic value like never before.

Key Takeaways

• Develop a deeper appreciation for the changes coming to the world of compensation.
• Learn the key elements of a foundational economic model.
• Imagine new ways of delivering value as a compensation professional.