Attention class, your 2015 Compensation Best Practices Report has been posted. Surveys of over 5,500 of the top business leaders show which industries’ compensation practices are passing and failing. Does your company’s compensation strategy make the grade?
Finance and Insurance Are Leading the Way
Not only are finance and insurance industries compensating their employees better, they’re responding to evolving worker values too. Over 90% of the finance and insurance companies surveyed gave raises last year, and 28% are changing their comp strategy to accommodate Millennials.
It Doesn’t Pay (as Much) to Work in the Mountains or the Southeast
Companies in the Mountain and South Atlantic Regions gave the lowest percentage of raises in 2014 – 80%. That’s nearly 10% less than the West North Central Region, America’s most raise-friendly group of employers.
When It Comes to Accommodating Millennials, Size Doesn’t Matter
The 2015 Report shows roughly no difference in the way large, medium and small companies are adjusting their compensation for the next generation of workers. Only 25% of surveyed companies report adopting new comp strategies.
It’s Never Too Late for an Innovative Comp Strategy
Find out how your company stacks up with industry trends by downloading the full 2015 Compensation Best Practices Report.
If there’s one that the report reveals it’s that every industry is making gains in total compensation strategy, increasing the competition for companies to get ahead of the curve. The good news is there’s plenty of time left in 2015 to improve the way you communicate value to your employees. Find out how your company can step into the next generation of total compensation, including on-demand software and real-time ROI delivery. When your done, sign up for TotalRewards Builder’s Free Edition.