Technology and the economy have changed the recruiting landscape for the services industry. Based on the 2011 Compensation Data Services survey results, more organizations are using cash options as a recruitment tactic in the midst of a struggling economy. From 2010 to 2011, organizations offering a bonus based on length of employment increased from 10.8 percent to 13.5 percent.
The methods used to recruit new employees have also changed, with a significant increase in trade and professional association advertising. In 2011, 40.2 percent of organizations reported advertising open positions with these associations, up from 33.8 percent in 2010. More services organizations are using online advertising as a means to recruit employees. In 2010, 84.1 percent of companies recruited on the Internet but in 2011, 87.3 percent of services employers utilized this method.
Perhaps as a reflection of the recent change in unemployment, more than 95 percent of organizations reported they were actively recruiting as compared to 2010 when less than 93 percent of employers were recruiting.
“As the economy slowly recovers organizations are challenged with retaining high performing employees,” said Amy Kaminski, director of marketing for Compdata Surveys, the nation's leading pay and benefit survey data provider. “With the job market opening up, employees are looking to take their next career step, and employers are turning their focus to keeping these employees satisfied.”
A recent Monster.com Workplace Survey confirms this, indicating many are pursuing work again as they did prior to the recession. Employees see this as the time to take control of forwarding their career. Many of those looking for their next career move believe they will find it this year.
Overall, voluntary turnover rates in the services industry have seen a slight decrease between 2010 and 2011. The survey indicates that the voluntary turnover rate for services employers dropped from nearly 10 percent in 2010 to 9.3 percent in 2011. Retail employers showed the largest decrease in voluntary turnover rates in 2011 at 16 percent, compared to more than 19 percent the year before.
About the Survey
Compensation Data 2011 Services contains data on more than 425 titles ranging from entry-level to top executives. Data is collected annually from services employers across the country. The results provide a comprehensive summary of pay data, benefit information and pay practices with an effective date of January 1, 2011.
Compdata Surveys is the nation's leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Michelle Willis at (800) 300-9570.