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.
The 2017 Compensation Data Colleges & Universities results are now available! This year’s results feature data collected from 300 higher education organizations across the country.
The 2017 Compensation Data Healthcare results are now available! This year’s results feature data collected from 11,000 healthcare employers with more than 11 million incumbents across the country.
Many companies want to know how their compensation practices align with others in their industry. The 2017 projected pay increase data has been released and is outlined by industry below. View the image below and find out where your company stands in comparison.
Pay increase budgets are not yet showing significant movement. However, with employers facing challenges to keep up with staffing needs, we may see a shift in this trend in the coming years. Four factors will force employers to focus on competitive offerings to maintain successful recruiting and retention:
- Voluntary turnover rates are up, as consumer confidence is higher than it has been in a decade.
- Economists predict today's skill shortages will become increasingly prominent over the next five to ten years.
- Baby boomers are reaching retirement age and starting to leave the workforce.
- Millennials are changing jobs more than prior generations.
We're keeping an eye on salary structure adjustments. There are early indications that employers are not waiting as long to make pay range adjustments. This will eventually impact pay increase budgets as a whole.