Each year, Xenium’s partner, PayScale surveys thousands of HR and business leaders on the workforce and compensation trends they’ve experienced in the previous year. Below is an infographic and a summary of those results.
Over 4,300 executives and HR professionals from all company sizes and industries completed the survey for the PayScale and Inc. Magazine’s 2013 Compensation Best Practices Report. Although the report has not been released to the public, here is a sneak peek at some of the contents:
The Lilly Ledbetter Fair Pay Act, enacted just over four years ago, intended to take on the issue of the gender gap in pay. Leleh Hassibi, of PayScale, summarizes the Act nicely in an article on January 29th.
It’s quite the understatement to say that businesses on the Eastern Seaboard are dealing with a lot right now, but it’s true nonetheless. The tragedy and emergency taking place should work to remind practical local HR professionals and business leaders that aside from the standard emergency plan and collection of emergency contacts from your employees there are other details to take into consideration, surrounding the issue of compensation during a a natural disaster or otherwise bad weather.
There are some new stats out about hourly workers. The study, by John P. Robinson of the University of Maryland, is gaining some popularity in the media. Conducted for the Bureau of Labor Statistics, the study found that the “respondents tend to overestimate their work hours by 5–10 percent in relation to [their actual worked] hours.”
The SHRM has released a report on employee benefits trends in recent years. Some details were predictable (i.e. “financial and compensation benefits have experienced considerable declines in the last five years”) but others exhibit a positive direction.
The employer needs to drive both older and newer employees to guarantee the success of their business. Such motivation ideally should not only work to guarantee the progression of the company but also the progression of the individual employee.
Companies are looking to to better develop employee recognition, ultimately leading to retention of talent. Such efforts often include non-monetary bonuses. According to an article at Forbes by Josh Bersin, companies with a “recognition-rich culture,” featuring non-monetary incentives, have 31% lower voluntary turnover.