For those who don’t know, every year PayScale produces the Compensation Best Practices Report. This report is based on a survey administered to 100,000 human resources professionals and business executives, asking them their point of view on the biggest topics in human resources and compensation: everything from minimum wage and managing millennials, to recommending your favorite HRIS and payroll software. Last year, we got over 5,000 responses.
Because the survey is so detailed and solicits such overwhelming feedback, the PayScale Compensation Best Practices report is the definitive resource for human resource and comp professionals each year. Below, we highlight just a few of the insights we learned from last year’s report (and give you a chance to participate in this year’s report.)
Top Five Insights from PayScale’s 2015 Compensation Best Practices Report:
1. In 2015, 52% of respondents said they would not be changing their compensation strategy to accommodate millennials.
2. The human resources software people were most likely to buy next was performance management software.
3. 73% of respondents expected their company financial outlook to improve in 2015.
4. Seeking higher pay elsewhere and personal reasons (marriage, children, job relocation) were the top two reasons people left companies in 2015.
5. Merit-based pay and learning and development opportunities were the top two recruiting strategies human resources planned to implement to attract top talent.
That’s just a slice of the rich insight that comes from PayScale’s Compensation Best Practice Report. How do the above insights reflect your professional experience? Do you agree? Disagree? What’s changed? Do your part in helping drive the industry forward and take the 2016 Compensation Best Practices Report now.
Take the 2016 Survey – Click Here!