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.
Topics: Industry news
With the release of BenchmarkPro 2016, we have a bounty of updated compensation and benefits data at our fingertips! Are you aware the results also contain key data points like Total Turnover Rate?
Compensation Data Manufacturing & Distribution results have been released, and, wow, talk about data! This year's results feature data from more than 28,000 employers with 22 million employees across the country! From 2016 results, check out five things happening in manufacturing and distribution compensation. How does your org stack up?
The Compensation Data Manufacturing & Distribution 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, local geographic area, and other breakouts important to their organization’s 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 industry recruiting practices.
Compensation Data Manufacturing & Distribution 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.
On the importance of the 2016 compensation data results, Compdata Vice President Amy Kaminski explains, “HR professionals strive to find the perfect combination of total rewards. They are charged with creating packages capable of attracting employees, as well as driving employee satisfaction and engagement. When making such critical decisions, it is important to use accurate compensation and benefits market data. Because our data comes directly from more than 28,000 employers, you can use it to develop truly competitive packages.”
Find more information about the 2016 Compensation Data Manufacturing & Distribution results at www.compdatasurveys.com/manufacturing.