In this guest post, Laleh Hassibi of Payscale dicusses findings from a recent report the compensation research firm published on compensation best practices. The article also includes an infographic that summarizes these findings in a fun, visual way.
Much research has been done into the interrelationship between compensation, performance and motivation. What this research tells us is that to be fair and to motivate performance, pay must be linked to performance.
And while money can motivate higher performance, it’s not the only motivator. Getting the balance right depends on the work, the person and the circumstances.
PayScale, a long-standing Halogen partner, recently released the PayScale 2013 Compensation Best Practices Report. The report is a result of an end of year survey on the compensation practices and trends by company size and industry. The full report details compensation practices by industry, by company size and by the market at large.
Highlights from the report:
- A whopping 70% of small businesses—and 61% of large companies—expect their business performance to improve in 2013.
- Companies are planning to invest in new talent to help grow their business with 15% more companies planning to hire in 2013 than in 2012.
- The number of organizations hiring employees has consistently risen, with 2012 growth exceeding original expectations by 12%.
- In 2012, small business wage growth increased significantly, demonstrating the little guy is competing with large companies for skilled employees.
- As more companies look to hire in 2013, skilled labor is in demand. In the survey, 59% of respondents cited retention as a main concern, compared with 49% of respondents in 2012.
- Obamacare is mostly a non-issue for executives with 75% saying it will have little or no effect on hiring and staffing plans
Download your complimentary copy of the report to learn more about these and other compensation trends. Also take a look at the infographic below that highlights key learnings from the survey.
Are you surprised by any of these findings? Share your thoughts in the comments section below.
For more on pay for performance, read how to support managers in making better compensation decisions.
About Laleh Hassibi
With over 15 years of B2B and B2C marketing experience, Laleh has extensive expertise in content marketing approaches and implementation to bridge the gap between innovative business solutions and customer needs.
Laleh is on the Board of Directors of Families for Effective Autism Treatment and is a graduate of Carnegie Mellon University.