In yesterday’s Advisor, we discussed the issue of pay transparency; today, how raises are now becoming very much in demand (whether or not your employees are comparing notes on salary)—and what it means for employers.
If your managers are not already fielding requests from employees for raises and promotions, they soon may be, according to a recent Accountemps survey. An improving economy and higher demand for skilled workers mean professionals are more confident in their job prospects—and they’re on the hunt for bigger paychecks and loftier titles.
Forty-three percent of chief financial officers (CFOs) interviewed said the number of requests for raises or promotions has increased from 2 years ago.
The survey was developed by Accountemps, a specialized staffing service for temporary accounting, finance, and bookkeeping professionals. It was conducted by an independent research firm and is based on interviews with more than 2,100 CFOs from a stratified random sample of companies in more than 20 of the largest U.S. metropolitan areas.
CFOs were asked, “Has the number of employee requests for promotions or raises increased or decreased compared to 2 years ago?” In response, 43% said the requests have increased, 44% believe they’ve stayed the same, 11% think they’ve decreased, and 2% aren’t sure either way.
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“Employers must be proactive and closely scrutinize compensation levels to stay competitive and keep good staff,” says Bill Driscoll, a district president with Accountemps. “Resources can help managers benchmark salaries and better understand the complexities of today’s hiring environment.”
Driscoll notes there’s more to retention than just offering salary increases. “It’s better to be prepared than surprised by an employee’s request for a raise or promotion,” he says. “Now’s the time to proactively connect with key team members to identify advancement opportunities and discuss viable career paths.”
A head-in-the-sand approach doesn’t do anyone any favors: “[I]f managers aren’t prepared for these discussions or, worse, turn a blind eye, they risk losing their best employees. In fact, research from the U.S. Bureau of Labor Statistics shows that workers are quitting their jobs at the highest rate in six years,” notes the Accountemps blog.
Whether you’re dealing with inquiries about pay transparency to fielding demands for raises from your top talent, compensation and benefits are never easy. “Maintain internal equity and external competitiveness, with benefits and compensation, and control turnover, but still meet management’s demands for lowered costs.” Sound familiar?
Many of the professionals we serve find helpful answers to all their compensation and benefits questions at Compensation.BLR.com®, BLR’s comprehensive compensation website.
And there’s great news! The site has just been revamped in two important ways. First, compliance focus information has been updated to include the latest on the Consolidated Omnibus Budget Reconciliation Act (COBRA), Lilly Ledbetter, and the Family and Medical Leave Act (FMLA). Second, user features are enhanced to make the site even quicker to respond to your particular needs, such as:
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The services provided by this unique tool include:
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This one’s definitely worth a look, which you can get by clicking the link below.
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