HRO Today April 2015 - 37

Compensation
engineering positions were the hardest to fi ll. In
addition, companies report " attracting new talent "
as a top objective for 2014, and medium and large
companies report a willingness to pay more to attract it.
Top Concern: Employee Engagement
Employee engagement remains a hot topic, but many
employers are still having a hard time wrapping their
heads around the concept, let alone developing
strategies for creating a more energized and
emotionally connected workforce.
In fact, a February 2015 estimate of employee
engagement by the Gallup group revealed that only
32.9 percent of U.S. employees are engaged. While
this number is the highest monthly average Gallup has
recorded in three years, it's obvious employer efforts
to engage employees have largely been unsuccessful.
According to the CBPR, 32 percent of employers never
conduct employment engagement surveys, and 24
percent conduct them " as needed. " While it's true that
employee surveys don't create engagement, it's equally
true that you can't improve what you don't measure.
Moving Forward
Findings from the CPBR make it clear some employers
are fi nally feeling confi dent enough in the market to
invest a larger portion of profi ts in staff additions (55
percent) and increased compensation (89 percent).
While companies are investing in ways to secure talent,
most lack suffi cient insight about the compensation
needed to meet their goals: Only 41 percent of
employers have a formal compensation strategy.
For those companies that haven't yet made the decision
to increase wages-that is, beyond the 3 percent that's
become the norm in the past few years-they will pay
the price in higher turnover of their best employees
and lowered engagement among those who remain.
Key Findings
PayScale's 2015 Compensation Best Practices Report
refl ects current attitudes about compensation,
business growth, hiring, and retention, based on
data from more than 5,000 survey respondents.
Stand-out fi ndings from this year's report include:
* About three-quarters of companies expect their
fi nancial situation to improve in 2015.
* In 2014, 85 percent of companies gave pay raises,
and 89 percent say raises are in the plans for 2015.
* Three-quarters of respondents gave bonuses in
2014, more than in previous years.
* The primary reason people leave medium and
large organizations is " seeking higher pay. "
* Retention woes remain at an all-time high with
nearly 60 percent of respondents citing it as a
top concern.
* The professional, scientifi c, and technology
services industry is most concerned with employee
retention.
* IT, management, and engineering positions were
the hardest to fi ll in 2014.
Tim Low (@tlow) is vice president of marketing at PayScale. The full
2015 PayScale Compensation Best Practices Report is available for
download at http://resources.payscale.com/hr-2015-compensationpractices-report.html.
APRIL
2015 | www.hrotoday.com
[37]
http://resources.payscale.com/hr-2015-compensation http://www.hrotoday.com

HRO Today April 2015

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HRO Today April 2015 - 1
HRO Today April 2015 - 2
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