HRO Today May 2018 - 53

The Benefi ts Package
to successfully deliver a desirable employee experience?
PayScale surveyed more than 7,000 organizations to fi nd
this out as well as to better understand the relationship
between pay practices and business results. The survey
found:
1. There is a crisis of confi dence. An impressive 85
percent of managers have confi dence in their ability to
explain the rationale behind pay decisions to employees,
but only 37 percent of organizations share that
confi dence in their managers.
2. Salary increases remain stagnant. Fifty-nine percent
of organizations report employee retention as a major
concern for 2018, which is a slight increase from 56
percent in 2017. Perhaps this is encouraging raises: 84
percent of organizations plan to give base pay increases
in 2018. But the survey found that the average increase
will remain similar to last year, with 73 percent of
employers estimating an average increase of three
percent or less. Employees in competitive jobs or those
who are outperforming their peers may be commanding
much more in compensation. Excluding promotions,
the highest base pay increase given to an employee was
greater than 10 percent for 40 percent of organizations,
with 13 percent of organizations giving a pay increase of
20 percent or higher.
3. The market is ever-changing. More than half of
organizations (52 percent) have completed a full
market study within the past year, and 17 percent price
individual jobs in the market at least weekly, up from 13
percent in last year's survey.
4. Organizations are counting on variable pay to
hire and retain employees. Seventy-one percent of
organizations offer variable pay such as bonuses and
commissions. The survey showed a distinction between
types. The number of organizations offering spot
bonuses decreased year-over-year from 46 percent
in 2017 to 39 percent in 2018. Individual incentives
increased from 64 percent to 67 percent, and hiring
bonuses did too, from 27 percent to 34 percent. In
addition, employee referral bonuses are gaining
popularity with 39 percent of organizations offering
them. Company-wide incentives are also gaining
momentum with 30 percent offering organization-wide
bonuses, and 22 percent offering profi t sharing.
PAYROLL CHALLENGES
FOR 2018
The major themes that stood out
from the PayScale survey respondents
were broad in nature but went
beyond the typical concerns around
recruitment and retention:
Find good, talented people -
without overpaying
Focusing leadership
development in the right
direction
Improving systems, processes,
and documentation
Employee recognition and
engagement
Organizational growth -
being prepared to scale
Getting leadership on board
with compensation approach
going forward
Providing competitive pay
MAY 2018 | www.hrotoday.com
[53]
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HRO Today May 2018

Table of Contents for the Digital Edition of HRO Today May 2018

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