69% of companies say it’s impossible to offer all the benefits employees want
Published 12:00 am Saturday, December 4, 2021
Following a year of hardship and economic downturn, good compensation and benefits are crucial for employee recruitment and retention. However, in a time of fierce competition for top talent, 69% of companies say it’s impossible to offer all the benefits employees want.
Nearly 1 in 3 companies that have experienced an increase in employee turnover this year (32%) point to better perks offered elsewhere (e.g., Summer Fridays, unlimited vacation days) as the reason for the higher turnover, which increased from the second half of 2020 (26%). Nearly 1 in 5 companies report some of the biggest hiring challenges their company will face over the next year are that their pay is not competitive (18%) and/or their benefits are not competitive (17%), according to a new survey from The Harris Poll commissioned by Express Employment Professionals.
But businesses seem to realize the importance of competitive pay as the majority (63%) expect the average wage at their company will increase for the remainder of 2021, while 28% expect no change to wages. Notably, the proportion expecting wage increases has been steadily growing over the past year (52% in the first half of 2020, 58% in the second half of 2020, and 63% in the first half of 2021).
Further, more than 2 in 5 (43%) expect their company’s benefit offerings to increase continuing into the next quarter as compared to 2020, and around half (49%) expect their benefits to stay about the same.
Read more at https://www.expresspros.com/Newsroom
Express Employment Professionals is a staffing company that serves the River Parishes from its Gonzales office. Express is a member of the River Region Chamber of Commerce and the LaPlace branch of Business 2 Business.