Description: ?️ Tune in now to the latest episode of the September Talent Report Podcast! Stay in the know about all things business, with a spotlight on talent trends and best practices. This month, we're diving deep into the world of compensation and total rewards - essential insights you won't want to miss! ??
Resources:
Talent Report+ Webinar Series 
MRA Membership 
About MRA 
Let's Connect:
Guest Bio - Jim Morgan 
Guest LinkedIn Profile - Jim Morgan 
Host Bio - Sophie Boler 
Host LinkedIn Profile - Sophie Boler 
Transcript:
Transcripts are computer generated -- not 100% accurate word-for-word.
00:00:00:00 - 00:00:21:03
Unknown
Hello 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 - 00:00:42:06
Unknown
Now it's time to thrive. Well, hello everybody, and welcome to this episode of 30 Minute Thrive. It is that time again to go over this month's talent report with Jim Morgan, MRA's vice president of Workforce Strategies. So we'll dive into what he's been seeing in the world of business in September. So thanks, Jim, for being here today. Yeah, my pleasure.
00:00:42:06 - 00:01:11:03
Unknown
It's good to be back. Well, for September, your extended or featured topic of the month was on compensation in total rewards. So I'm wondering why you chose this topic for for September. Well, we've got our big comp trends event coming up in a little over a week now. And the timing of that is not coincidentally, is companies are right now sort of going into budget season, preparing for 2024 and those that are on a calendar year.
00:01:11:05 - 00:01:33:22
Unknown
You know, we've just found that this is a really good time for us to start talking about compensation and benefits for the next year, providing them what we've learned so far in 2023. And it's always a game, you know, that, oh, we could be the first ones to come out, but then we come out with data in May, and by the time you're budgeting, it's like, Well, that data is already six months old and it'll be nine months old by the time we start the year.
00:01:33:24 - 00:01:51:18
Unknown
But if you wait too long, people are like, I got to put something in there because I have to figure out what's happening. So I think Maria just sort of made the strategic decision that says we can start getting that data out there in middle or late September. It gives everybody October and November to to budget to figure out their next year, to figure out salaries.
00:01:51:18 - 00:02:13:21
Unknown
If they've got compensation needs, they've got time to still do some work on it. And so that's how we end up with compensation being about this time of the year. Good topic. Good month. Yeah. Let's talk about what's happening in the recruiting and retention world right now. So I know you focused on Gen Z strategies that companies are kind of employing right now.
00:02:13:21 - 00:02:37:12
Unknown
So can you name off some of those strategies? Yeah, You know, and it's well, it's a generational thing because it's Gen Z right now that are the new and younger people coming into the work. I think it would apply to just about anybody. But I also think people have to understand what the Gen Z workers went through with the pandemic as an example.
00:02:37:14 - 00:02:56:18
Unknown
They were in their last couple of years of college maybe, or their last couple of years of high school or their first year of work or something. And those are pretty critical times, too, all of a sudden to be kind of cooped up and things like that. So I think that's Thriven things a little bit. And the fact that the market for talent has just been upside down.
00:02:56:20 - 00:03:19:02
Unknown
So what we've seen is a lot more companies are promotin