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.
57% of the 7,700 employers surveyed said their executives are increasingly viewing workforce compensation as important to their organization.
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.
Performance: 68%,
Retention: 42%,
Market adjustment: 37%
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.
IT: 26%,
Management: 24%,
Engineering: 22%,
Sales: 19%,
Executives: 14%
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.”
56% of the employers surveyed said retention is a major concern, up from 20% who said this in 2010.
Learning and development opportunities: 58%,
Merit-based pay: 57%,
Discretionary bonuses: 33%,
Additional perks: 23%,
Incentive-based pay: 20%
44% of the employers surveyed think that their staffers are fairly paid, but only 20% of workers agree.
64% of the employers said that their employees feel appreciated at work, but only 45% of the employees agree.