Total Rewards Series Virtual Working Groups, The Impact of COVID-19 on Compensation Practices

Total Rewards Series Virtual Working Groups
The Impact of COVID-19 on Compensation Practices
May 4, 2022 | 1:00-2:30pm (ET)

Download Working Group Notes

Work life as we know it has changed dramatically over the past two years. More companies have moved to hybrid or remote work models than ever before. COVID has challenged the workforce with new medical, time off, and mental health needs. Employees are thinking about work differently and have more desire and ability than in the past to change employers. Given this, it is not surprising that a recent CAHRS survey found that Total Rewards offerings is a top priority for HR leaders heading into 2022. This CAHRS Series of working groups is aimed at helping our partner companies address these challenges and explore how companies are thinking about innovating their practices in this area.

Attendees to these sessions vary based on the focus of the session but would include Senior Leaders in the areas of Total Rewards, Compensation, Benefits, or HR Strategy.

The second in this Working Group Series we will focus on The Impact of COVID-19 on Compensation Practices

Cornell ILR Professors Diane Burton (Chair of the HR Studies Department and the director of Institute for Compensation Studies) and Tae-Youn Park (Associate Professor of HR Studies) will lead a discussion about whether and how compensation practices can be changed in response to COVID-19 and the following work practice changes (e.g., remote and hybrid work models).

Some of the questions we may address include:

What are the new challenges companies are facing in the area of compensation (living wage adjustments, new metrics for incentive structure, offering incentives for collaboration)?
Has the work culture changed after the pandemic?
How is your organization leveraging compensation practices to prevent employee turnover and to enhance collaborative work culture?
How is your organization measuring and evaluating the effectiveness of compensation practices?

Prior to the session, attendees should give some thought to the questions included in the description, so they are prepared to share with the group. We also strongly prefer that participants be on camera during the session to allow for more engaging interaction. If for some reason after you sign up for the working group, something comes up last minute (especially while many of us are working from home), it would be great to get even a last minute e-mail advising us that you cannot attend as we sometimes have a waiting list.