W2 Issues/Concerns


Blog

Check out our weekly blog posts and see the latest news and discussions happening in the HR world of business.

Survey: How does your compensation package stack up?

Want to see if your company’s compensation package will remain competitive compared to its peers? The new 2014 Compensation Best Practices Report from PayScale features all kinds of information to clue you in on how companies plan to change – or not change – their salaries in the year ahead.

According to input from 4,738 professionals, including 1033 CFOs, the following changes are expected:

Of the companies surveyed, 88 percent say they are giving raises this year, with 77 percent anticipating that the average raise expected to measure 4.5 percent. This compares to 83 percent of employers in 2013.

Bonuses will also continue to be a key part of the compensation structure in 2014. In 2013, 54 percent of employers awarded performance-based pay increases, with incentive bonuses being most common.

However, only 26 percent of companies indicated that they were satisfied with the salary data that they use to set compensation.

In addition to higher pay scales, companies are increasingly looking to grow their ranks, with 54 percent of respondents indicating that they will be actively recruiting in 2014.

Companies plan to attract new talent by offering merit-based performance plans, as well as additional learning and development opportunities.

Despite these plans, half of companies indicated that they are struggling to fill skilled positions and 60 percent noted that employee retention was a top concern.

However, 79 percent of respondents agree that higher pay is not the main reason people begin looking for a new job, even though the chance to earn more was reported as one of the top two reasons people leave a job.

Further, despite all the talk in the media, 40 percent of companies indicated that they are in favor of passing the Fair Minimum Wage Act, which would increase the federal minimum wage to $10.10. However, 30 percent are unsure and a further 30 percent are against the proposal.

And finally, 72 percent of employers indicated that they expected their financial situation to improve this year, up from 66 percent in 2013.

Post a Comment

Your email address will not be published. Required fields are marked *

HR Managers: Discover how to effectively tackle business challenges with a PEO
Small Business: Discover how Abel HR can help your business.

Featured BLOGS

  • Letting Go is Never Easy: 6 Ways to Make it Easier

    A Professional Employer Organization (PEO) can help you find a great candidate, how to set your new hire up for success, and how you can intervene early to try and save a flailing employee. But what if these efforts fall short – they can’t bring their skills up to snuff and you can’t help them get there? Sadly, it’s now time to talk termination. A PEO can help the parting of ways go a little easier. Below are six ways a PEO can be by your side to make the whole process effective, legal (because there’s plenty of places for pitfalls),

  • After the Interview: Who Did I Just Hire?

    You spent months looking for the perfect candidate with your offsite human resources experts at a Professional Employer Organization (PEO) like Abel HR. Together, you reviewed resumes, conducted interviews, and even extended an offer or two. Finally, you landed someone you and your company were excited about. However, the person who showed up for their first day of work – or even weeks of work – is not at all like the bright, motivated, charismatic person who wowed you during the interview process. Making one hiring mishap a year can have a significant financial impact. Replacing an employee in a mid-range position (earning

Archives

FSA | CommuterNew EmployeeAbel PortalTime Clock