How to Create a Winning Compensation Culture

 
 
By Dennis McCafferty  |  Posted 03-09-2017 Email
 
 
 
 
 
 
 
 
 
  • Previous
    How to Create a Winning Compensation Culture
    Next

    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.
  • Previous
    Rising Concern
    Next

    Rising Concern

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

    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.
  • Previous
    Top Reasons for Raises
    Next

    Top Reasons for Raises

    Performance: 68%, Retention: 42%, Market adjustment: 37%
  • Previous
    Talent Squeeze
    Next

    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.
  • Previous
    Job Roles That Are the Hardest to Fill
    Next

    Job Roles That Are the Hardest to Fill

    IT: 26%, Management: 24%, Engineering: 22%, Sales: 19%, Executives: 14%
  • Previous
    Strategic Adjustment
    Next

    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."
  • Previous
    Attrition Issue
    Next

    Attrition Issue

    56% of the employers surveyed said retention is a major concern, up from 20% who said this in 2010.
  • Previous
    Ways to Retain Valuable Employees
    Next

    Ways to Retain Valuable Employees

    Learning and development opportunities: 58%, Merit-based pay: 57%, Discretionary bonuses: 33%, Additional perks: 23%, Incentive-based pay: 20%
  • Previous
    Contrasting Views, Part I
    Next

    Contrasting Views, Part I

    44% of the employers surveyed think that their staffers are fairly paid, but only 20% of workers agree.
  • Previous
    Contrasting Views, Part II
    Next

    Contrasting Views, Part II

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

Say goodbye to underwhelming raises that don't keep up with cost-of-living increases. Say hello to a new era in which compensation aligns with an overall corporate culture that prioritizes talent recruitment and retention, according to a recent survey from PayScale. The accompanying "Comp Is Culture: 2017 Compensation Best Practices Report" indicates that the C-suite is recognizing employee compensation as a growing issue these days. As a result, a significant number of organizations are paying more than 3 percent in annual raises and are acknowledging the need to recognize strong job performances. This especially applies to CIOs, given that IT positions are considered the hardest to fill. In 2017, CIOs and other executives are expected to continue to combine merit-based pay and bonuses along with other benefits—including learning and development opportunities and fun perks—to establish an environment that encourages valued employees to stay. "For 2017, most of the predicted challenges center around the employee lifecycle: recruitment, engagement and retention," according to the report. "Demographics are a huge factor: It turns out that retaining Baby Boomers on the cusp of retirement is just as difficult as retaining Millennials. These future predictions bring us full circle: Respondents agree that compensation and culture are intrinsically linked." An estimated 7,700 employers and 147,000 workers took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

Submit a Comment

Loading Comments...
 
Manage your Newsletters: Login Register