With 2017 pay increase budgets stagnant at 2.8 percent, employers are experiencing a rise in voluntary turnover among their staff. With the average voluntary turnover rate reported as 13.5 percent compared to 10.4 percent five years ago, employers must rethink their strategies in recruiting and retaining an engaged workforce in today’s market.
This data comes from the recently published 2017 BenchmarkPro pay and benefits survey results. The survey covers more than 550 general industry titles ranging from entry-level to top executives. In addition to salary data, BenchmarkPro contains comprehensive pay practices and benefits information. This year’s results feature data collected from nearly 30,000 employers across the country.
On the importance of the 2017 compensation data results, Compdata Vice President Amy Kaminski explains, “As turnover rates continue to rise, it is important that employers not only identify the turnover trends within their organizations, but also understand and address the underlying causes. Ensuring your pay and benefits programs are up-to-date and competitive is critical in creating a culture of engagement and loyalty. With the help of the cross-industry data reported in the survey, employers can take a closer look into local, regional and national trends and be proactive in developing a strategic compensation plan.”
The BenchmarkPro database is a comprehensive collection of employer-reported pay and benefits data. Accessible online, users can filter pay data by industry classification, revenue, employee size, profit status, local geographic area, and other breakouts important to their organizations’ unique needs.
Find out how employers are handling critical items, such as pay increases, employee incentives and cost containment. Learn about current turnover trends and recruiting practices.
BenchmarkPro is available for the following regions: Midwest, Northeast, South Central, Southeast and West. It is also available as a National Suite, giving employers the opportunity to build a customized package of compensation resources to best meet their needs.
Find more information about the 2017 BenchmarkPro results at www.compdatasurveys.com/benchmarkpro.
About Compdata Surveys
Since 1988, Compdata Surveys & Consulting has provided HR professionals with the compensation tools they need to stay competitive. With an extensive pay and benefits database and experienced compensation consultants, we are a full-service firm providing innovative solutions to complex compensation challenges. Thousands of organizations provide data in each of our 12 industry-specific surveys every year, ensuring the reliability of our results. For more information about the compensation and benefits surveys, contact Kristen Fanning at (800) 300-9570.