A new survey by PayScale.com forecasts an upward trend for employee compensation across small, mid-sized and large business for the near future. The 2012 Compensation Best Practices Report polled thousands of Human Resources managers and business leaders about their workforce and compensation trends they observed over the last year and how they felt those trends would affect pay going forward in 2012. The data they collected seems to indicate a bright future for employees while pointing out some difficult issues for current employers.
Business Insider summarized the survey as follows:
Raises made a comeback in 2011:
- 44 percent of employers increased salaries by 1 to 5 percent.
- 19 percent of employers increased pay by 6 percent or more.
- Overall, more than 60 percent of employers’ adjusted salary structure in the last 12 months. That’s a major increase from 2010, when just 30 percent did so.
Pay-for-performance is hot:
- 69 percent of employers say performance based pay was the main reason they adjusted salary structure in 2011. This was true regardless of business size.
Hiring is on the upswing:
- At least, it is in mid-sized companies, 44 percent of which hired employees last year.
- The biggest growth area: 57 percent of information, media and telecommunications companies hired in 2011.
Retention is still the number one work force issue:
- 54 percent of employers say employee retention is their biggest concern.
- In contrast, just 16 percent say attracting new job candidates is their biggest concern.
Will your company be able to keep pace with these trends? In an effort to help level the compensation field many HR managers and CEO’s have begun searching for better “Perk” packages to offer their current workforce, while also helping them to attract quality candidates.
Fond is the perfect partner for businesses interested in keeping a smiling workforce; while also keeping compensation budgets within manageable terms. This online portal can make your employees feel like rock stars by assisting them with locating discounted concert or sporting tickets through SeatGeek.com and, at the same time, offer them affordable personalized clothing services and many other online perks.
On the flip side of this employee perk scenario, businesses also qualify for discounted rewards/savings on web services too. By enrolling your business, both the employee and company save money on services they use every day.
Contact us today and begin retaining and attracting better employees for your company while also saving your business money for online web services.