Recent studies by Future Workplace and Kronos reveal 87% of employers saying making improvements to retention in the coming years as being one of their highest organizational priorities. In 2017, employee salaries are expected to grow by 3%; with candidate and employee resources like Payscale easily accessible to research competitive compensation rates for specific job roles, addressing compensation is a vital step to the retention improvement process for employers.
The major takeaway? If employers want to offer compensation at a competitive rate and increase retention and productivity, they have to set themselves up in the performance management department. To do this, we advise a 3-stage process:
This structure allows leaders to make effective and intelligent compensation decisions based on best practices in the industry. Jump into video four of the Talent Management Toolkit to learn more!