Key Takeaways:
- Companies are dedicating teams and individuals to specifically keep up with compensation trends.
- Re-working or establishing a compensation strategy is helpful to hiring and maintaining talent.
- Greenwich HR will be in attendance at HR Tech 2022 to showcase their new compensation dashboard WageScape, along with other premium labor market data products.
Compensation trends have shifted dramatically in the HR world to keep up with the steady labor market and growing inflation. As an organization it is important to know and maintain compensation trends in order to hire the best talent. Learn more about the five compensation trends you need to know below!
- Salary Increases are on the Rise
The “Great Resignation” coupled with the increased cost of living has caused many businesses to consider raising salaries in almost all company roles. According to the Bureau of Labor Statistics, salaries have increased by 3.4% in 2022 thus far. It is important to know and understand the average salary for all roles in your company to keep up with market adjustments to ensure that your employees are paid fairly for their work experience.
- Re-working Compensation Strategies
According to a recent study, 86% of companies have stated that they have decided to re-work their compensation strategy in 2022. Discussions within compensation strategies include salaries, remote work, work from home stipends, flextime, mental health and wellness programs, and 4-day work weeks.
- Dedicated Compensation Teams
Many organizations have put together dedicated compensation teams to evaluate market adjustments, compensations trends, and to brainstorm new ideas on how to improve their compensation strategies. 44% of companies have a person or team dedicated to compensation.
- Flexibility
The pandemic has changed the hiring market significantly. Remote work and additional flexibility is no longer a highly competitive perk when it comes to hiring new talent, as nearly all companies offer the option of remote work. Companies now understand the importance of remote work and flexibility, and how it improves employee engagement and morale. Flexibility increases the likelihood of hiring and keeping premium talent on your team.
- Pay Transparency
Effectively communicating to current and prospective employees the pay of each job in their organization creates trust and open dialogues between employers and employees. Many companies will now include exact pay for open positions on job listings, in interviews, and with current employees in order to increase salaries. Effective pay communication will likely help retain employees and increase morale.
If your hiring team is struggling with building your compensation teams and strategies, the Greenwich.HR data platform is the perfect solution to help you make your important compensation decisions. Our data platform is the largest and fastest source of real-time labor market data. Visit us at HR Tech 2022 to learn more about our exemplary compensation data. Greenwich HR will be in attendance showcasing the largest labor market intelligence platform available. Visit booth 7121 to see live demos of WageScape, the new interactive compensation dashboard from Greenwich.HR. Quickly assess the labor market and your competition with real-time, forward-looking compensation information.
Join us on September 13th – 16th at Mandalay Bay Las Vegas to be a part of the biggest HR conference of the year! Register now!
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