How to Create a Winning Compensation Culture

How to Create a Winning Compensation Culture

How to Create a Winning Compensation CultureHow 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 ConcernRising Concern

57% of the 7,700 employers surveyed said their executives are increasingly viewing workforce compensation as important to their organization.

Ante UpAnte 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 RaisesTop Reasons for Raises

Performance: 68%,
Retention: 42%,
Market adjustment: 37%

Talent SqueezeTalent 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 FillJob Roles That Are the Hardest to Fill

IT: 26%,
Management: 24%,
Engineering: 22%,
Sales: 19%,
Executives: 14%

Strategic AdjustmentStrategic 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 IssueAttrition Issue

56% of the employers surveyed said retention is a major concern, up from 20% who said this in 2010.

Ways to Retain Valuable EmployeesWays 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 IContrasting Views, Part I

44% of the employers surveyed think that their staffers are fairly paid, but only 20% of workers agree.

Contrasting Views, Part IIContrasting Views, Part II

64% of the employers said that their employees feel appreciated at work, but only 45% of the employees agree.

Dennis McCafferty
Dennis McCafferty
Dennis McCafferty is a contributor to CIO Insight. He covers topics such as IT leadership, IT strategy, collaboration, and IT for businesses.

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