How to Create a Winning Compensation Culture
How to Create a Winning Compensation Culture
In the workplace, money does talk, so find out how to better recruit and retain talented IT employees by redefining and enhancing your compensation strategies.
Rising Concern
57% of the 7,700 employers surveyed said their executives are increasingly viewing workforce compensation as important to their organization.
Ante Up
Three out of 10 respondents said their company gave an average of more than 3% in raises last year, and 11% said their organization gave more than 5% on average.
Top Reasons for Raises
Performance: 68%,
Retention: 42%,
Market adjustment: 37%
Talent Squeeze
67% of the employers surveyed said that a lack of qualified applicants causes vacant positions to remain unfilled, while 20% cited an inability to offer a competitive salary.
Job Roles That Are the Hardest to Fill
IT: 26%,
Management: 24%,
Engineering: 22%,
Sales: 19%,
Executives: 14%
Strategic Adjustment
69% said they’ll adjust compensation to boost retention, and 61% said they’ll do so to improve recruitment. More than half said they need to do this to “pay for hot skills.”
Attrition Issue
56% of the employers surveyed said retention is a major concern, up from 20% who said this in 2010.
Ways to Retain Valuable Employees
Learning and development opportunities: 58%,
Merit-based pay: 57%,
Discretionary bonuses: 33%,
Additional perks: 23%,
Incentive-based pay: 20%
Contrasting Views, Part I
44% of the employers surveyed think that their staffers are fairly paid, but only 20% of workers agree.
Contrasting Views, Part II
64% of the employers said that their employees feel appreciated at work, but only 45% of the employees agree.
