I help manage a multidisciplinary organization comprising nearly 21,600 faculty, health care professionals and staff at the University of Miami. A particular challenge in that task is the fact that employees span five generations, from Silents to Gen Zers. As part of recruiting, hiring, training and retaining that diverse workforce, our HR team administers a total compensation package featuring a mix of traditional and innovative benefits that reflect different needs at different stages of life and career. So along with a merit-based scale of wages, benefits range from a variety of retirement options to tuition assistance plans.

The U.S. has been dealing with a complex global economy during the past several years, impacted by the COVID pandemic, a shakeup in work routines, employment fluctuations and inflationary pressures. Those forces have seeded a cloud of economic uncertainty for many employers as they move into 2024, leading some to reassess their wage and benefits plans, according to a recent Glassdoor report.

UM is certainly not immune to stresses, and we are constantly reviewing our overall organization in terms of operational efficiencies, costs and resources. Yet unlike certain industries that experienced turmoil in 2023, such as tech and finance, most of our expenses are in human capital components. Therefore, given our mission areas, in higher ed and health care, we have to make sure we hire and retain a workforce that is equitably compensated, engaged and productive. That's why, for instance, we have a competitive incentive structure that rewards high performers, while never losing sight of combining compensation and benefits geared toward our distinct employee base.