Las Vegas NV – October 8, 2014 – Today at the HR Technology Conference, PayScale, Inc., the leader in cloud compensation data and software for businesses and individuals, released survey results showing most companies are increasingly concerned about retaining their employees. The survey was conducted as an update to PayScale’s Compensation Best Practices Report released February 2014 which revealed 60 percent of companies listed retention as a top business concern. The recent survey also shows companies of all sizes are eager to get pay right in order to engage their employees more deeply and – ultimately – maximize retention.
“Early in the year, organizations listed retention as their number one concern. Our most recent survey underscores an intensification of that concern. Employers are more worried about losing their top performing employees as the talent market heats up and businesses look to expand in the rebounding economy,” said Tim Low, Vice President of Marketing at PayScale. “The real cost associated with employee turnover is high, so we are seeing more companies looking for new ways to retain their existing employees.”
Here are results from PayScale’s recent compensation survey:
- Concerns about retention are rising. In early 2014, 60% of employers listed retention as their primary concern for managing their workforce. PayScale’s latest research shows 82% are now more worried about retention than they were at the beginning of the year.
- Employers understand the strong correlation between compensation and employee engagement. In the survey, 87% of respondents said getting compensation right at their company was very important for achieving optimal employee engagement.
- Attracting and retaining employees is harder. More than half of the respondents agreed with the statement that talent markets have become more volatile since the beginning of the year.
- Modern technology solutions can improve retention. New technologies and analytics can help forward-thinking companies identify their “flight risks” and retain key talent; most respondents agreed that compensation management solutions are important for improving retention.
For more information about PayScale and the benefit of real time market data for retaining employees, please visit: http://www.payscale.com/hr .
About The PayScale Compensation Best Practices research:
PayScale conducts annual research on the state of compensation and other human resources practices. That research is published in the PayScale Compensation Best Practices Report. In addition, PayScale polls organizations throughout the year on topics related to the annual findings. To determine company sentiment on the topic of employee retention, PayScale polled organizations during the weeks of September 15 and September 22, 2014. 422 companies responded.
Creator of the largest database of individual compensation profiles in the world containing more than 40 million salary profiles, PayScale, Inc. provides an immediate and precise snapshot of current market salaries to employees and employers through its online tools and software. PayScale’s products are powered by innovative algorithms that dynamically acquire, analyze and aggregate compensation information for millions of individuals in real-time. Publisher of the quarterly PayScale Index ™, PayScale’s subscription software products for employers include PayScale MarketRate™, PayScale Insight™, and PayScale Insight Expert™. PayScale’s cloud compensation software is used by more than 3,000 customers including Cummins, Warby Parker, Zendesk, Clemson University and Covenant Dove. For more information, please visit: www.payscale.com or follow PayScale on Twitter: http://twitter.com/payscale.