Laleh Hassibi, PayScale
Today we released the PayScale 2013 Compensation Best Practices Report. The report is a result of our end of year study on the compensation practices of small, medium and large companies. We also asked some questions about the changing world of work, the use of social media at work and for work, as well as some additional questions on the Skills Gap and ObamaCare.
Report highlights include:
- Companies are Growing and Optimistic. When asked in 2011, 38% of companies said they planned to hire in 2012, but the actual figure was even higher—50%. In addition, 65% of all companies are expecting financial performance to improve in 2013.
- Keep an Eye on the Little Guy. Small business wage growth increased significantly in 2012, outpacing medium and large companies. At the same time, small businesses are the most optimistic of all companies with 70% expecting financial performance to improve in 2013.
- Employers are More Concerned Than Ever About Retention. The majority of respondents (59%) felt employee retention is a top concern for 2013.
- The Skilled Labor Gap is a Big Issue. 67% of companies are having a hard time filling skilled job positions. 61% of those say the top reason for empty job positions is a lack of qualified applicants. The industries challenged the most are Mining, Oil and Gas Exploration and Construction with 64% of companies in those industries reporting concern.
There is plenty more compensation and management information in the full report. Download your complimentary copy to learn all about compensation trends.
For now, if you would like some fun and entertainment, click on the image below to see the infographic we created with key learnings from our survey. You'll get to know what's happening in your industry, company size and the market at large.