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Market Trends: Rising Auto Insurance Rates

Skylar Revette | May 13, 2024

Various sources speculate that auto premiums will continue to rise throughout 2024, but not as swiftly as in the previous two years.

Auto insurance costs rose 22% between March 2023 and March 2024, according to the Bureau of Labor Statistics Consumer Price Index for All Urban Consumers. It was the largest unadjusted change since December 1976.

The 2024 index has shown signs of slowing, with reports that the Federal Reserve may cut interest rates in late 2024. However, auto rates will stay on the incline as insurance companies recover from losses due to extreme weather and the cost of vehicle repairs.

The cost of auto insurance will likely level off in 2025, although it will remain much higher than in the past. According to Bankrate, the national average for full-coverage auto insurance is around $2,500. In 2021, it was just over $1,600.

For now, auto insurance is in a hard market. Auto rates remain high while insurance companies remain selective about who gets the best rates. But you can try these strategies to secure better rates.

How can you lower your auto insurance premiums?

Contact your agent about discounts. Qualifying might be easier than you imagine. Ask about these potential savings moves:

Bundle your car and property insurance.
Pay the entire policy upfront instead of monthly.
Enroll in autopay.
Go paperless.
Try telematics. (Before you commit, ensure there are no penalties for driving errors or unenrolling from the program if you don’t like it. How this effects your insurance will differ by state.)
Get good student driver discounts.
Improve your credit score.
Raise your deductible. (You’ll pay a lower monthly premium but more out of pocket if you’re in an accident. Choose an out-of-pocket amount that works for your budget.)

Your independent agent can walk you through these options. Ask them to run multiple quotes with different discounts, deductibles and options. They can shop for better rates if they think you can get them. If you’ve had difficulty securing auto insurance, you might be better off staying with your current insurance carrier. Your agent can advise you on the best move for your situation.

Get an insurance quote before you buy your next car

If you’re in the market for another car, call your insurance agent before you sign the deal. Different makes and models come with different insurance price tags. Luxury or sporty models often cost more to insure because they cost more to repair or replace. Some electric cars also cost more to insure. Specific model years may cost more, too. It doesn’t mean you have to go with a car you don’t like, but you might change your mind about the kind of car you want once you know what the insurance will cost.

Why do your costs go up even though you’re a good driver?

Insurance rates go up for several reasons, and they don’t always have to do with your driving record. Usually, they go up during a hard market when insurance companies raise their standards and rates to compensate for the losses they incurred in previous years. It may seem unfair, but insurance carriers could go bankrupt if they didn’t raise rates to reflect the current conditions. Here are some reasons auto rates increase:

An increase in accident rates. High congestion in urban areas and increased distracted and impaired driving contribute to more accidents.
Higher medical costs from accidents involving injuries. The medical expenses associated with these claims have also been growing.
An increase in car prices and technology. Modern cars come equipped with features like backup cameras and collision warning systems, making them more expensive to repair or replace.
A rise in uninsured or underinsured drivers. When more drivers are uninsured, insurance companies pay more for accidents, especially when the payment would have come from the other uninsured driver’s insurance carrier.
Fraud. Scammers often stage accidents or exaggerate claims, increasing the overall cost. Policyholders absorb these costs.

Renewal pricing is often the best bet.

Your advisor can help find and discuss options on your current policy during the review process that can not only enhance your coverage to make sure there are no gaps, but also add updates and discounts that may help offset premium increases. These changes are often better than what you can receive by moving to a new carrier and in most cases the longer you stay with a carrier, the more options you will have to continue your relationship with that carrier after a loss or two.

Call for an auto coverage review

Your insurance agent monitors the market for trends in auto insurance. They’re happy to help you stay updated about ways to save. If you have questions about protecting your automobiles, r each out to our Personal Insurance team.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

How to Renovate Greener and Better

Skylar Revette | May 9, 2024

Green building is an approach to design and construction that uses less energy, reduces waste and lowers the impact on the environment.

All of the following are considered green:

Installing energy-efficient windows, solar panels, passive heating, energy-saving appliances, high-efficiency toilets and smart-home technology
Recycling materials, such as reusing old timbers and salvaging cabinets
Saving the trees on your lot
Using environmentally safe materials in your flooring, plumbing, insulation or roofing

Advantages of going green

If you’re interested in pursuing green building, speak to your insurance agent about coverage for ecologically friendly materials and systems. And look for an architect or contractor who has experience with Leadership in Energy and Environmental Design (LEED) or another green certification program.

LEED is a set of ecological standards developed by the U.S. Green Building Council. LEED-built homes can earn a certificate demonstrating that they improve energy and water efficiency and reduce carbon emissions.

The Green Building Council notes these benefits of going green:

Green buildings are less expensive to operate and have 20% lower maintenance costs.
Green buildings have higher resale value.
Green buildings expose their occupants to fewer toxins and improve indoor air quality.
LEED buildings reduce carbon output, water and energy usage, and waste.

Examples of green renovation

Here are some practical ways to incorporate green building into your home renovation project:

Look for ways to reuse materials rather than sending them to a landfill. For example, instead of ripping out your old kitchen cabinets, give them a facelift by refinishing the doors. You can also donate working appliances and light fixtures.
Take advantage of the Environmental Protection Agency’s (EPA’s) Energy Star program to find water heaters, furnaces, air conditioners, windows, clothes washers and dryers, and other appliances that save energy and are Energy Star certified. The Energy Star program can also measure energy consumption in your home and help you reduce energy costs.
Replace materials high in volatile organic compounds (VOCs) with low-VOC materials. The EPA has a list of materials that typically pose a risk to indoor air quality. These include paints and solvents, and materials manufactured with VOCs.
The Department of Energy estimates that heat transfer through windows accounts for 25%–30% of residential heating and cooling energy use. Even if you aren’t replacing your windows, you can still reduce energy costs by caulking, weatherstripping, and adding storm windows and awnings.
Add insulation to your attic, walls, floors and crawl spaces. The EPA recommends insulating attics to R-38. That translates to about 10–14 inches of insulation.
Replace your old lights with LED lights. Using timers and dimmers can save even more energy.
Install a smart thermostat to monitor your energy consumption and turn appliances off when they’re not in use.

Tax credits and insurance discounts

Check energystar.gov to see if your project is eligible for a tax credit. The Inflation Reduction Act provides federal tax credits and deductions for home improvements that reduce energy consumption. Eligible items include energy-efficient doors, windows and heat pumps.

In addition, the Residential Clean Energy Credit provides a 30% income tax credit for clean energy equipment such as rooftop solar panels, wind energy, geothermal heat pumps and battery storage. Your state may offer energy tax credits as well.

In some states, you can get an insurance discount for having a green home. Several insurance companies give a 5% discount for LEED-certified homes.

Some insurers also offer green endorsements to their homeowners policies. These can replace damaged appliances and building materials with Energy Star appliances and environmentally safe products. They may also pay to recycle debris.

Green endorsements usually limit replacement costs to a dollar amount or an additional percentage of your overall replacement costs. Or they may cover the expense of certifying or recertifying your house after a loss. Your insurance professional can help you select an insurer that provides a green discount.

Today, many Americans are exploring environmentally sustainable building practices. Consider reducing your home’s carbon footprint and using eco-friendly materials. You’ll be saving energy, and you may qualify for a tax credit or an insurance discount.

For more information

To learn more about making your property greener, please contact our personal insurance team by calling 1-800-268-1830 or through our website here.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

8 Strategies for Addressing and Supporting Mental Health in the Workplace

Skylar Revette | May 7, 2024

This job has become too stressful for me!

Workplace mental health struggles aren’t just a personal matter. Research shows they also financially impact businesses.

According to a study published in the Journal of Clinical Psychiatry, unresolved depression costs the U.S. economy $210.5 billion in absenteeism, reduced productivity, extended leaves of absence and health care.

Mental illnesses can affect anyone, regardless of gender, culture, race, religion or socioeconomic status. A study in BMC Psychiatry estimates that 309 million people, or 4.4% of the world’s population, suffer from major depressive disorders.

But stigma and shame keep many employees from reporting depression and anxiety, making it difficult for employers and employees to get the help they need.

By addressing mental health head-on, you can improve outcomes for your employees and your organization.

Eight ideas

Leaders and HR officers are adopting new strategies to address mental health in the workplace. The following offer a blueprint to get started.

1. Make mental health resources easily accessible

Early intervention helps employees tackle personal and professional issues affecting their mental health.

Providing direct access to mental health is a concrete first step. Options include telemedicine, live video telehealth and in-person behavioral health care services. You can also direct employees to mental health services available through community programs. Community resources may include mental health emergency centers, access clinics, youth and family centers, support groups and suicide lifelines.

An employee assistance program (EAP) is another way to increase access to mental health services. EAPs are work-based programs that often include free and confidential assessments, therapy, referrals and follow-up services. They are completely anonymous and voluntary. Many businesses offer EAP services to employees and their family members.

Accessibility sometimes means going the extra mile for employees. Some organizations have created anonymous portals for employees to reach HR or managers in times of distress. Others train managers on how to identify signs of anxiety and depression. Tact and empathy are essential. As you work to increase accessibility, make sure your managers know how to show compassion and kindness when referring an employee to mental health resources.

2. Make employees comfortable taking time off

When an employee is feeling overwhelmed, taking time off work may be necessary. It should not bring them shame.

Supervisors can model healthy behavior by taking time off and encouraging their team members to do the same.

Say a manager notices an employee hasn’t taken a personal day in ages. The manager could point out the company’s benefits and remind the employee about work-life balance. The manager could also create a quarterly time-off reminder and team vacation schedule to encourage employees to use their vacation hours.

Managers and team leaders set the tone. When a leader takes time off, it reassures team members they can do the same. And openly talking about the importance of workplace mental health can empower employees to take necessary steps before they start to feel burnt out.

3. Update your policies and practices

Since the start of the COVID-19 pandemic, more employers have adopted flexible work policies and practices. Updating rules around paid time off, work hours, remote work, communication and leaves of absence has become a common tactic to improve workplace mental health.

Giving employees control of their schedules is a proven way to enhance mental health in the workplace. One study published in the International Journal of Environmental Research and Public Health showed that allowing employees to change their schedules decreased their likelihood of job-related stress by 20%. And it increased their job satisfaction by 62%.

Offering flexibility isn’t the only way to combat work-related stress. Some businesses have also eliminated performance reviews or framed them as informal check-ins. This strategy serves dual purposes: It removes a stressful, disliked practice in one-off performance reviews. And it adds more opportunities for supervisors to communicate with and support their employees.

As you refine your policies, keep employees informed about the changes. Unknowns are a huge source of stress and anxiety for workers. And remember to clearly define employees’ duties and responsibilities. This removes the element of surprise and avoids unnecessary stress.

4. Measure mental health

Accountability for your employees’ mental health is important, but it doesn’t have to be complicated.

An occasional pulse survey can tell you a lot about how employees are doing over time. Surveys give employees a way to highlight their concerns. They also help managers better understand and address workplace stressors.

One-on-one meetings are another way to gauge employees’ mental health. Encourage managers to build relationships with team members, set goals, review performance, and do mental health check-ins.

Train managers to follow the four A’s of stress management:

Avoid. Avoiding stressors isn’t about skirting responsibilities or job duties. It’s about preventing burnout. For example, allowing employees to take time off when they’re overwhelmed helps them step away from stress and recharge.
Alter. If you can’t avoid stress, alter how you handle it. For example, if two employees are struggling to get along, move their workspaces to create physical distance. Or if a major assignment is stressing out an employee, break it up into smaller, more manageable tasks.
Adapt. Some stressful situations can’t be avoided or altered. In those cases, managers and employees must find ways to adapt. For example, managers can set reasonable standards to help employees with perfectionistic tendencies.
Accept. Managers and employees must accept that some things are beyond their control. That might mean allowing employees to vent their frustrations, but then refocusing on the things they can control.

5. Offer mental and physical health benefits

Mental and physical well-being go hand-in-hand. With this relationship in mind, many companies take an integrated approach to addressing mental and physical health.

For example, some provide designated meditation and privacy areas. This gives workers a place away from noise and distractions. Even quick breaks can help employees recharge. Studies show that workplace meditation reduces stress, depression and burnout. Regular practice can also improve an employee’s attitude and job performance.

Offering free fitness, yoga or weight classes at the office is another way to improve employee morale and health. On-site classes give employees a chance to form social and emotional ties.

If you don’t have the space to host an on-site class, you can offer discounted memberships to clubs, gyms and mental health apps.

Whichever benefits you decide to offer, make every employee can easily understand and access them.

6. Encourage employees to unplug

A study published in the Journal of Affective Disorders showed a link between the number of hours an employee works and their risk of depression. Encouraging employees to have lives away from work shows you respect boundaries and value work-life balance.

A disconnect policy can help employees maintain that balance. This policy sets the expectation that employees should unplug after normal working hours. It also gives leaders and HR a chance to disconnect. Many times, when a manager stops responding to emails after business hours, employees do too.

7. Recognize employees

Your employees are your greatest asset, so let them know they’re valued.

An employee-of-the-month program or an annual award ceremony can be meaningful, but formal options aren’t required. An email highlighting an individual or a team can make a difference.

The key is to be genuine. And don’t just recognize the superstars. Showing appreciation to employees in different roles and levels of your organization can improve morale and encourage everyone to take pride in their accomplishments.

8. Be a supportive leader

Leaders set the tone for the workplace. A supportive leader tries to understand the needs and life experiences of others. Showing empathy creates bonds, increases understanding and improves communication. On the other hand, toxic leaders increase turnover, job dissatisfaction, anxiety and burnout.

Respect and empathy are requirements when addressing and supporting mental health in the workplace. Support for your employees should be applied at all levels of your organization.

Shifting perspectives on mental health

Employees have become increasingly aware of how their work life affects their well-being. A survey by the U.S. Department of Health and Human Services found 84% of respondents experienced at least one mental health challenge due to conditions in the workplace. And a survey by the American Psychological Association found 81% of workers wanted to leave their current employer for one that better supported their mental health.

As mental health and well-being take the spotlight, it’s critical to meet your employees’ needs with meaningful mental health resources, benefits and organizational support.

For help finding the right mental health strategy for your organization, reach out to our Employee Benefits team.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

DOL Announces Change to Overtime Threshold

Skylar Revette | May 2, 2024

There are new salary threshold increases starting in 2025.

On April 24, 2024, the United States Department of Labor (DOL) announced a long-anticipated final rule that greatly expands the number of U.S. workers eligible for overtime pay:

Effective July 1, 2024, the salary threshold will increase to $844/week (equivalent to $43,888 per year).
Effective Jan. 1, 2025, the salary threshold will increase to $1,128/week (equivalent to $58,656 per year).

According to the DOL, the July 1 increase updates the present annual salary threshold of $684/week ($35,568 annually) based on the methodology used by the prior administration in the 2019 overtime rule update. On Jan. 1, 2025, the rule’s new methodology takes effect, resulting in the additional increase.

Additionally, the rule will adjust the threshold for highly compensated employees. Starting July 1, 2027, salary thresholds will update every three years; current wage data will be used to determine new salary levels.

What employers must do to prepare

If you have exempt employees earning less than the new threshold amounts, you will need to do one of the following:

Reclassify those employees as nonexempt (and therefore eligible for overtime pay)
Raise their pay (either twice — once for each applicable threshold — or just once to the Jan. 2025 level)

Note that the federal overtime rules represent a floor rather than a ceiling. Certain states and municipalities have overtime rules that are more generous to employees. Also, the new rule does not affect the current job duties tests for overtime pay, which must be satisfied before an employee can be declared exempt.

The law firm Fisher Phillips has recommended tracking the hours of affected employees to better “understand the potential impact of converting to non-exempt status and to make an informed decision when the time comes.” You must also consider the impact on benefits.

Need more information?

The DOL has released an informational page about the new final rule.

To learn more about how the DOL’s new final rule will affect your business, and how to prepare, contact our Human Resources Consulting team.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Why Contractors Need Professional Liability Insurance?

Skylar Revette | April 25, 2024

Engineer Giving Advice On Kitchen Repair

As the lines between design, bid and build have blurred, contractors are finding their general liability coverage isn’t enough.

In the past, contractors didn’t need to be concerned about professional liability insurance. It was traditionally carried by architects, engineers and other design professionals for errors and omissions. But these days, construction companies must consider this coverage to complement their general liability insurance.

With contractors now performing design-build work, managing all aspects of a project, and accelerating completion through fast-track and collaborative delivery methods, the risk of professional liability exposure has increased.

As a result, contractors professional liability (CPrL) insurance is becoming essential for many contractors.

Even if you’re a small contractor, you may need CPrL. Any firm involved in the design of a project, or responsible for changes in the design, probably needs this coverage. Contractors can also be held liable for damages caused by third parties they hire or partner with, such as architects, engineers or surveyors.

The difference between general and professional liability

When considering whether to purchase professional liability coverage, it’s wise to review what your commercial general liability (CGL) policy or business owners policy (BOP) covers and doesn’t cover. CGL is a common coverage nearly every contractor carries. It’s also required on many construction projects. BOPs include CGL coverage but usually not professional liability.

CGL covers bodily injury and property damage caused by your company. This includes injuries to individuals, other than your employees, on job sites. CGL covers the cost of your legal defense and pays damages up to the limits in your policy if you are found liable. But CGL doesn’t pay for negligent or errant professional acts. For those, you need a professional liability policy.

Let’s consider a few potentially expensive claims that wouldn’t be covered by your CGL policy but could be covered by professional liability policy:

You hire an engineering firm to design the HVAC system for a building. The engineer makes a mistake in calculating the building’s HVAC needs, and the tenants can’t properly heat or cool the building. The owner sues you because the engineer didn’t have enough professional liability insurance.
You hire a cement contractor to design and pour the foundation of a building. You later discover the foundation wasn’t adequately reinforced and won’t bear the load of the walls. You have to tear down what you’ve built and repour the foundation.

Professional negligence and the limits of relying on others’ insurance

Professional negligence occurs when design services aren’t performed with the standard of care exercised by other design professionals performing similar services under the same circumstances. While many things could go wrong on a project due to professional negligence, most of them fall into three categories:

Design delegation — This is when you delegate design and other professional services to a subcontractor or third party.
Design error — This is when you make a design mistake or changes to a design that lead to damages. With many construction firms now offering design and build services, this is a significant liability exposure.
Construction management — This is when the owner hires you to manage the entire project, including the design work.

Design errors can be far more serious, life-threatening and expensive than other types of construction errors. Think about claims such as “sick building syndrome” where a contractor can be held liable for millions of dollars in claims from a poorly designed or improperly installed HVAC system.

While your architects, engineers and subcontractors should have their own insurance, most of them have liability limits of $1 million or less. As a result, you may find yourself sharing a policy’s limit with other firms whose coverage comes up short. In addition, if your subcontractor terminates coverage after its work on your project is finished, you might not be covered for a future claim at all.

How to get coverage and what to look for

The good news is the insurance marketplace has responded to these risks with CPrL. CPrL continues to expand and broaden to accommodate changing liability exposures. You can purchase CPrL as a stand-alone policy or combine it with a GCL or an umbrella policy. As you might expect, a stand-alone policy allows for higher limits and has fewer restrictions. For example, if you have in-house designers, you may have to purchase a stand-alone policy.

Policies can be written on an annual basis to cover all of your operations or on a project basis to cover a specific job. CPrL covers your legal defense, settlement costs and judgments from claims of negligence, errors, omissions, inaccurate advice, failure to complete work or misrepresentation.

CPrL policies have dollar limits, which can be exhausted by high legal and settlement costs. Discuss the two main types of limits with your insurance professional: aggregate and occurrence. The aggregate limit is the maximum amount your policy will pay during the policy’s term, usually one year. The occurrence limit is the maximum it will pay for a single claim.

CPrL is not a standardized coverage, so terms and conditions vary from carrier to carrier. Here’s what CPrL policies typically cover, which can you also add by endorsement:

Your in-house design work
Design work you delegate to another party
Subcontracted design work under a design-build contract
Faulty workmanship by subcontractors when you manage the contract
Faulty self-performed work, including defective products and materials
Third-party and first-party indemnity coverage
Pollution coverage
Rectification/mitigation of a negligent act that would otherwise lead to a professional liability claim

Remember that most CPrL policies are written on a claims-made basis. In this type of coverage, only claims that are made while the policy is in force will be insured. Since errors and omissions might not be discovered until after your project is complete, you’ll need to keep your policy in force for an extended period.

For large projects, a controlled insurance program, or “wrap-up,” may be worth considering. Wrap-ups ensure adequate insurance coverage for all of the parties on the project. They are managed by the general contractor or owner.

You can reduce your liability risk by properly vetting your designers and having a well-documented work process. Make sure those you hire are bonded and insured, carry their own professional liability insurance and understand the scope of work in their contract. Institute a formal process for change orders and meet regularly with the owner to keep lines of communication open.

Professional liability is a complex and continually evolving risk in construction. Ask an insurance agent or broker who specializes in the construction market to review your exposure and recommend an appropriate level of liability coverage. With rising legal costs and increased project responsibility, CPrL is becoming an essential part of a contractor’s insurance program.

Learn More

To learn more reach out to our Risk Management Team.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

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2024 Salary Projections Remain High

Skylar Revette | April 23, 2024

The labor market changed significantly at the end of 2023.

Nineteen out of 20 key industries in the U.S. experienced hiring declines. Hiring overall dropped 23.8% from its 2022 levels. Job growth slowed in October to about half the level of every other month in 2023.

As companies are trimming staff or leaving positions open, fewer employees are searching for new jobs. While workers still expect significant increases in compensation, the marketplace may no longer demand big bumps to retain workers.

Average hourly earnings rose 4.1% in 2023, but wage growth also slowed dramatically as the year wrapped up. Wage increases as a whole dropped every month since April. Clearly, the labor market is cooling. Still, salaries will likely remain higher than historical averages due to continued labor competition and inflation. Several key surveys of industry execs indicate what they are planning to do with wages:

The Conference Board forecasts a 4.1% increase in wages. This is lower than 2023 but well above 3% pre-pandemic increases.
Mercer projects a 3.5% merit increase and a 3.9% total salary increase for nonunion workers.
Payscale’s annual salary budget survey forecasts a 3.8% wage increase in 2024.
WTW forecasts a 4% wage hike.

As you design your 2024 compensation strategy, keep the following trends top of mind.

Finding top talent is still a challenge

Wages have always been a blend of historical pay rates, competitive market conditions and the available talent pool. Despite layoffs and downsizing in the fourth quarter of 2023, more employers say they expect increased hiring activity in early 2024, according to a ManpowerGroup survey. Three-quarters of employers still report having difficulty finding qualified skilled talent, although that has slightly lessened from 2023’s number.

The compensation data company Payscale asked employers why 2024 budgets include higher pay increases than previous years. Most employers cited the continued labor shortage.

65% cited increased competition for labor.
34% said it reflected a change in compensation philosophy or competitive positioning.
27% pointed to improved economic conditions or performance.
17% reported the previous year’s increases were lower than normal.

While wages are trending higher, they are not the only area being impacted in this labor market. Most employers said they are offering various strategies to find, attract and recruit talent. Many are putting work flexibility above wage increases. According to ManpowerGroup, 65% of executives said they are offering greater flexibility in work schedules, while 30% said they are increasing wages.

The workforce is experiencing major generational shifts

In 2024, nearly a quarter of the entire workforce in the U.S. will be 55 or older. At the same time, Generation Z is entering the workforce at a rapid clip. Different generations have different ideas of what’s important.

In a multigenerational workforce, you can’t assume everyone wants or is motivated by the same things, notes the management services company ADP. It’s essential to meet the unique needs of your employees as they reach different phases of their professional and personal lives.

This creates challenges for companies that have traditionally had one set of rules for everyone. A Baby Boomer planning for retirement has drastically different needs than someone just entering their working years. While policies must treat everyone fairly and equitably, offering different benefits that appeal to different generations can help offset concerns about wage increases. It can also provide incentives to attract and retain workers.

This doesn’t mean tiering wages or offering different benefits based on age. Instead, it means providing a range of options to accommodate multiple generations and evolving your approach. For example, pay transparency and equity have become significant issues.

Pay transparency and pay equity are paramount

For older workers, talking about pay in the workplace was a taboo subject. That’s changing. It’s more common to see pay ranges in job ads. In fact, it’s mandated in several states, and many job seekers expect this information upfront.

Disclosure can help attract more candidates and weed out those who would not accept such wages. At the same time, pay transparency can create significant issues if salaries aren’t equitable within an organization. In 2024, pay equity is essential.

2024 is a time for recalibration

Salary increases may be slowing, but you can expect wages to continue to rise in 2024. Even if there is an economic downturn, continuing inflationary pressures and labor competition will push salaries upward.

As you navigate this landscape, the key will be to balance competitive compensation with benefits that cater to the diverse needs of today’s multigenerational workforce.