“While talent challenges may seem especially acute now, employers must consider the long-term implications of their actions, particularly around the sources of funding for higher compensation and concerns over internal equity between rewards for new hires and rewards for employees of longer standing,” says Lori Wisper, leader for work and rewards global solutions, WTW.
Money talks
For those who are looking elsewhere, salary considerations continues to rate highly, according to another survey done by ADP.
Eighty-eight per cent say compensation is the most important factor and almost one-quarter (27 per cent) of employees are saying they have received a boost in pay during the past six months.
But according to an expert at ADP, organizations would do well to expand their offerings away from only financial considerations.
“While many find themselves in a new job, employers also need to put the focus on those who stayed in their roles. It’s now time for the ‘great recognition’ and to build a culture of appreciation,” says Ed Yuen, vice president of strategy and HR outsourcing at ADP Canada.
