The Face of Compensation
1 hour 30 minutes
Understand the ever-changing landscape of employee compensation and how a pay audit can help identify and mitigate risks to the employer.
Creating employee compensation packages is complex because it is shaped by federal statutes, state and local laws, industry norms and corporate culture. Employers do not always fully appreciate the risks posed by the compliance issues that go beyond minimum wage or the creative compensation solutions available to employers. This topic helps the persons responsible for employee compensation to understand the ever-changing landscape of employee compensation and how a pay audit can help identify and mitigate risks to the employer. The material also explains the mechanics of a pay audit, the benefits of conducting them proactively, and the current state of the law. Failing to understand the litigation risks and compliance concerns relating to employee compensation and pay disparity can negatively impact business operations. It can lead to additional taxes, hiring and retention issues, fines, court costs, and unfavorable settlements. This information is critical for employers so they can avoid unpleasant enforcement actions, adverse judgments, and the business losses associated with lowered employee morale and negative PR.
• You will be able to discuss the purpose of conducting a pay audit and ways in which it benefits both employers and employees.
• You will be able to identify the regulatory bodies and statutes that shape compensation packages.
• You will be able to recognize the risks to an employer that can be mitigated through pay audits.
• You will be able to review the current state of the law on compensation, including recent case law, recent legislative changes, and questions about what comes next for employers.