Fair Compensation Key to Talent Retention

A recent report released by Payscale found that 66 percent of employers are concerned about their ability to keep employees.

While employers are nervous about retaining employees, Human Resource Executive reports that 70 percent of those surveyed planned to increase base pay 3 percent or less this year.

While these findings seem to conflict, the survey found that employers plan to use bonuses and expanded company perks as key retention tools.

According to PayScale Senior Vice President Tim Low, the key to employee retention is to offer fair base compensation:

“Companies should make sure they’re getting base compensation right first, so their employees feel good about their deal. Only then should employers turn their attention to bolstering the perks associated with the position”.

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The information included in this blog post originally appeared in an article from Human Resources Executive on February 12, 2019, written by Michael J. O’Brien.

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