Table of Contents
Table of Contents
Compensation and benefits are incredibly complex HR functions, and significant changes to the way we work over recent years have made these areas more difficult still.
Help is at hand, however; our diligent research has gathered some of the latest and most important compensation and benefits statistics to empower your planning and labor market responses.
Companies with great pay and benefits have better retention
The Great Resignation has contributed to a tough labor market where it’s increasingly hard to find and retain the best employees. It almost goes without saying that paying more will help to attract and keep key talent—however, the benefits offered by employers are very important too.
Statistics demonstrate that paying more and offering better benefits can have an exponential return on investment.
Offering competitive compensation and benefits will help you attract job candidates
New employees will be attracted to companies that offer excellent compensation and benefits packages. And when existing employees are well rewarded and have greater job satisfaction, they’re more likely to refer people they know for open roles.
Employees and candidates value pay transparency
Transparency is critical in today’s workplaces. Employees want to be clear about what compensation they will receive and how this compares to their colleagues’ pay. This transparency can be an important factor in whether a candidate applies for a job or attends an interview.
The statistics show that some companies are still way behind when it comes to transparency practices.
It’s important to pay all workers equitably
There is certainly no place in today’s workplaces for inequitable pay or pay discrimination, and this knowledge should be at the forefront of an employer’s wage and hiring decisions.
Again, transparency of equal pay policies and practices is vital for fostering diversity and for attracting new employees.
Unfortunately, we are still some way from seeing complete pay equity.
Compensation and benefits vary depending on location and cost of living
Salaries and benefits do vary from region to region, and the local cost of living is a key factor in any differences. Rising inflation and growing costs of living mean that today, salary increases can lag behind.