Description: Every year, MRA conducts a compensation study to look at compensation and pay, from strategy to pay adjustments to market data to putting it all together with communication and transparency. In addition to publishing the survey results we also offer a webinar to talk about the results and share current trends and data.  Our podcast listeners are getting a special look at the survey data, as well as the opportunity to hear from MRA's experts and their takeaways from the webinar and questions that were asked. Resources: Salary Data Aging Calculator   2023 Compensation Trends Survey   2023 Compensation Trends Survey Executive Summary  MRA Membership  About MRA  Let's Connect: Guest Bio - Mackenzie Button  Guest LinkedIn Profile - Mackenzie Button  Guest Bio - Melissa Wymer  Guest LinkedIn Profile - Melissa Wymer  Host Bio - Sophie Boler  Host LinkedIn Profile - Sophie Boler  Transcript: Transcripts are computer generated -- not 100% accurate word-for-word. 00:00:00:00 - 00:00:21:03UnknownHello everybody and welcome to 30 minute Thrive, your go to podcast for anything and everything HR, powered by MRA, the Management Association. Looking to stay on top of the ever changing world of HR? MRA has got you covered. We'll be the first to tell you what's hot and what's not. I'm your host, Sophie Boler, and we are so glad you're here. 00:00:21:05 - 00:00:55:00UnknownNow it's time to thrive. Well, hello everybody, and welcome to this episode of 30 Minute Thrive. Today we're here to talk about compensation trends. So every year MRA conducts a compensation study to look at compensation and pay. From strategy to pay. Adjustments to market data, to putting it all together with communication and transparency. And in addition to publishing the survey results, we also offer a webinar to talk about these results and share current trends and data, which we just got done. 00:00:55:02 - 00:01:17:23UnknownSo today our podcast listeners are getting kind of a special behind the scenes look at the survey data, as well as the opportunity to hear from two compensation experts and their takeaways from the webinar and also questions that they were asked today. So let me introduce you to our experts, Mackenzie Button, MRA's Total Rewards director, and Melissa Wymer. 00:01:18:01 - 00:01:45:23UnknownOur surveys manager at MRA. So thank you to you too, for joining me today. Thanks for having us. Well, let's just dive right in into the first question. So we actually conducted a poll on social media right before this com trends webinar. And we asked organizations, what are your top concerns surrounding compensations and its trends? And we actually got 53% to say that their top concern was on compensation strategy. 00:01:46:00 - 00:02:05:13UnknownSo first, let's kind of talk a little bit about compensation strategy. Mackenzie, can you define what is a good strategy? Sure. So it's kind of funny that the 53% said that that was their top concern because I think Melissa knows from the comp trend survey that that was probably about the number that said they actually had a strategy. 00:02:05:14 - 00:02:39:03UnknownReally? Yeah. So we did see about half to respondents saying they had an actual compensation strategy. So first thing is to know that one might need to exist. And then when we work through our different projects and helping people figure out what a strategy might be, we want to look at things like your market position, how you internally value your jobs, figure out things for geography if it matters or not to your organization, internal or external equity, you know, frequency of updates and and figuring out how those things align when you know how often you want to do things. 00:02:39:05 - 00:03:08:00UnknownSo having a strategy has all those different steps in it, and you want to have it aligned with leadership too. So understanding across the organization what strategy might be and how it might impact your organization's overall str