Back To Compensation Today

Retention, retention, retention: Employers focus on keeping staff in 2015

Tessara Smith, PayScaleFor the third year in a row, PayScale’s 2015 Compensation Best Practices Report (CBPR), discovered that employee retention was a top concern among the majority of employers.

For the third year in a row, PayScale’s 2015 Compensation Best Practices Report (CBPR), discovered that employee retention was a top concern among the majority of employers.When asked, “How much of a concern is employee retention in 2015?” 57 percent of employers answered retention was a “top” or “high” concern. In fact, concern surrounding this topic is up 125% since 2009. Regardless of the size of the company or sector of the market, all organizations reported  having significant worry about curtailing their employee turnover rate.

Employers in the scientific and tech services were among those most likely to report retaining star employees as their first compensation objective. This is likely due to a high demand for skills in the STEM sector coupled with a low number of potential employees who can fill these positions.

Finding superstars is more daunting than ever, and employers don’t seem to know what the magic potion is for keeping employees with their company.

Take the CBPR Survey Today

According to Payscale’s CPBR, the top three reasons for an employee leaving a company are personal reasons, seeking higher pay elsewhere (these two tied for first place), and seeking advancement elsewhere.

In today’s chaotic economy, an employee is going to go where the money is, and offering a competitive wage is an absolute must for organizations hoping to boost their retention rates. Despite this, only 7 percent of employers plan on increasing wages for the purpose of retaining their employees. Rather, most companies are looking to put their focus on development and learning opportunities as a means of retention. Additionally, the 89% of employers that do plan to give raises will do so by 5% or less.

No company wants to be notorious for being a turnover factory, but the talent war has made keeping the best employees about as easy as pulling teeth from a hungry shark. To retain your talent, make sure you’re paying fairly and communicating compensation in a transparent fashion.

Hang on to your best employees. Learn more about retention when you download PayScale’s 2015 Compensation Best Practices Report


5
Leave a Reply

avatar
5 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
4 Comment authors
KateSharonSandy rAlicia ChatmanTess Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Alicia Chatman
Guest
Alicia Chatman

Please send the report.
Thank you,
Alicia

Sandy r
Guest
Sandy r

i’d love to see the report

Tess
Guest
Tess

Hello,

Thank you for your interest in learning more! Please feel free to request the 2015 PayScale Compensation Best Practices Report here:

http://www.payscale.com/cbpr

Regards,
Tess
PayScale contributor

Sharon
Guest
Sharon

I would be interested to see if the employees are getting higher pay as they are pusuing bigger jobs or similar jobs?

Kate
Guest
Kate

Great!

Start the Transformation

We can help you bring modern compensation to life in your organization.