According to Payscale.com, successful companies are behaving differently in this candidate-driven market to get pay right and drive better business results. A survey of over 7,500 business leaders in North America uncovered a few notable tactics, published in their recent Compensation Best Practices Report.
Payscale found that top companies (businesses who are number one in their industry and who exceeded their previous year’s revenue goal) embraced six perspectives that made them outstanding in their industries:
Also, on the average, 84% of industry as a whole gave raises the previous year. Retail and customer service industries exceeded the average with 89%, while 87% of manufacturing companies gave raises. Engineering and science and technology both came in at 85%, with business and marketing just under the average at 83%.
More significantly, the survey revealed that there’s a chasm between employees’ and employers’ perceptions:
“More than 16 million Americans are unemployed or underemployed, according to the Labor Department, yet there are currently more than five million job openings going unfilled in the U.S.,” said Richard Wahlquist, president and chief executive officer of ASA (American Staffing Association). “Addressing the skills gap must be a top priority for businesses, government, and educators because it is negatively affecting economic growth and the employability of U.S. workers.”
Since the skills gap isn’t going away anytime soon, it’s to your advantage to learn from the compensation strategies of high-performing companies. As shared in a previous post, candidates are rejecting offers about 25% of the time because of money and benefits. Finding out the going wage for your open position is a smart way to begin your next candidate search.
We want to help you hire the best people! Click here or call (714) 993-1900 to request an employee or discuss a workforce management issue.
Here’s how to ask your employer to sponsor a green card—with confidence, clarity, and compassion. Even if you’re their first time.
Not sure if you need seasonal help? Learn when holiday staffing is a smart move—and when it might do more harm than good.
Learn how to find a career you love using the 80/20 rule—by focusing on the work that energizes you most and turning it into your path.