Prior to 2020, HR industry observers speculated about the end of a U.S. talent market that had experienced 10 years of increased job gains. In addition to competitive pay, some employers experimented with new and innovative benefits covering areas such as student loan forgiveness, fertility and same-day pay.

The past year's turbulence is likely to disrupt compensation and benefits in several ways. A Gallagher survey published in November, for example, showed that the pandemic disrupted planned 2021 salary increases at 45% of employers surveyed, with 51% saying they expected to reduce salary increases. READ MORE