Employers project 2.8 percent wage increases for 2012—Do you have a compensation strategy?
According to a recent nationwide survey of 280 employers by Buck Consultants, employers are planning on average wage increases of 2.8 percent in 2012. Retention of talent (62 percent) and employee engagement (56 percent) are the top priorities among these organizations talent-related goals for 2012.
The press release characterizes this planned wage increase as modest. However, many employers in our area have had to impose wage freezes and reductions in recent years. If your employees are reading these headlines, what are their expectations going to be for 2012? Are you prepared to compete with the organizations that are responding to these types of surveys, for your best employees?
Even if significant wage increases arent in the cards, you can take practical steps to retain your top talent by developing a compensation strategy that fits your business. Vigilant members are eligible for preferred pricing with the MBL Group, a consulting firm specializing in compensation services. See our online brochure or contact Dan Blair (firstname.lastname@example.org or 800-733-8621) for more information.