COMP NEWS – A new survey shows that North American employers are fighting for new talent by reexamining their willingness to compensate at the higher end of salary bands and introduce more options for work flexibility among existing talent.

North American employers are reevaluating their employee compensation strategies as they struggle to find and keep employees in several key areas.

Two-thirds of employers have increased hiring activity in 2022, according to the WTW 2022 Mid-year Compensation Survey. However, about the same percentage of respondents are having difficulty attracting and retaining employees with digital skills and professional employees, and more than 60% are having problems hiring and keeping hourly employees.

“Employers are leaving no stones unturned in their battle to find and keep talent,” says Lesli Jennings, North America leader, Work, Rewards and Careers, for WTW. “While making enhancements to compensation programs can support employers’ immediate recruitment and retention efforts, employers recognize they will need to pull levers in addition to compensation and reinforce a connection to the overall employee experience.”

The survey showed a consistent trend among organizations: most are willing to give extra pay and flexibility in order to attract talent.

The survey reveals the following actions employers are taking to help attract and retain employees:

• 86% are hiring employees at the higher end of salary ranges.
• 84% are increasing flexibility in where and how employees work.
• 81% are offering sign-on bonuses to attract talent.
• 65% are using retention bonuses to keep employees. Organizations that are enhancing the use of retention bonuses are most likely to target such bonuses to managers (82%) and professionals (80%).
• 55% are increasing training opportunities.

To read more about the survey, click here.

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