The U.S. Labor Market and Compensation Trends

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Course Number:84
Category:Total Rewards Foundation
Field of Study:Economics
Audience:HR Managers, HR Generalists, Compensation Analysts, Compensation Managers
Level of Difficulty:Intermediate
Delivery Method:QAS Self Study
Prerequisites: None
Advanced Preparation:None
SHRM BASK:As defined by the SHRM Body of Applied Skills and Knowledge (BASK), this self-study course relates to competencies in Business and Competitive Awareness with functional areas in Learning and Development, Total Rewards, and Workforce Management.
OverviewNumerous factors impact the U.S. labor market and compensation. These include labor supply and demand, advancements in technology, government regulations, unions, productivity, education and training, and globalization. This course will examine each of these factors and then look at how they form compensation trends in the United States. Some of these trends have been ongoing for many years while others are a response to more recent events.
Learning Objectives:
  • Differentiate between labor supply and labor demand and how they impact pay
  • Identify factors that impact pay and employment decisions
  • Specify how unions influence the labor market and wages
  • Recognize how wage and hour laws, labor legislation, and corporate tax incentives impact pay
  • Differentiate between external labor markets and internal labor markets
  • Recognize how productivity impacts pay dispersion
  • Identify characteristics of the gender wage gap
  • Specify how the U.S. supply chain has affected the labor market and how it is evolving
  • Recognize which sectors of the economy have a labor shortage and the possible solutions found in education and training
  • Define how current economic factors such as tight credit, consumer spending, and inflation are affecting quit rates, average weekly hours worked, and wage growth
  • Identify at which pay levels the greatest wage gains are being made and why
  • Recognize how remote work can affect pay
  • Define skill-based pay, compression, and salary transparency
  • Identify current trends in compensation
Credit & Professional
Continuing
Education Information:

  • SHRM-CP/SHRM-SCP Credit Information:

    ERI Distance Learning Center is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities. This program is valid for 1.5 PDCs for the SHRM-CP® or SHRM-SCP®. For more information about certification or recertification, please visit www.shrmcertification.org.

    SHRM Preferred Provider

  • aPHR/PHR/SPHR/GPHR Credit Information:

    ERI Distance Learning Center is a recognized provider of recertification credits. The HR Certification Institute® (HRCI®) has pre-approved this activity for 1.5 HR (General) credit hour(s) towards aPHR™, PHR®, SPHR®, and GPHR® recertification.

    HRCI Approved Provider
    HR Certification Institute’s® (www.HRCI.org) official seal confirms that ERI Distance Learning Center meets the criteria for pre-approved recertification credit(s) for any of HRCI’s eight credentials, including SPHR® and PHR®.

  • CCP/CBP/GRP/WLCP Credit Information:

    This online course qualifies for recertification credit for the Certified Compensation Professional (CCP®), Certified Benefits Professional® (CBP), Global Remuneration Professional (GRP®), and Work-Life Certified Professional (WLCP®) designations granted by WorldatWork Society of Certified Professionals. For more information on recertification, visit the Society website at www.worldatworksociety.org.

  • CPE QAS Self Study Credit Information:

    National Registry QAS Self Study - Course approved for 0 credit(s) in these states:

    Alabama, Alaska, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virgin Islands, Virginia, Washington, West Virginia, Wyoming

    Course approved for 0 credit(s) in Vermont

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Additional Information:
*The Course Credit List displays credits and credit types offered by location.
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The ERI Distance Learning Center is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org/

ERI Economic Research Institute is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CP® or SHRM-SCP®