So what’s new in the way your company approaches compensation? As the economic climate continues to evolve, so does the strategy at many of your peer organizations.
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Even without considering the new high-water marks set in recent months for minimum wage in various markets around the country, some of the compensation practices that seemed unchangeable are, indeed, changing.
PayScale’s latest study of compensation practices, the 2016 Compensation Best Practices Report, shows that many companies are rethinking traditional ways of handling pay. Their efforts seem to focus on retaining top performers rather than on recruiting, as in earlier years.
The 2016 report, which surveyed more than 7,600 business leaders from a wide variety of industries and sizes, for the first time compared the pay practices of top-performing companies—defined as companies that were first in their industry and exceeded revenue projections in 2015—against all respondents. The goal was to discern a pattern (if one emerged) that differentiated the top performers. As you read through the results, you can decide for yourself.