A survey conducted in February by human resource and benefits consulting firm Buck Consultants focused on specific tactics companies are using to retain employees as the job market recovers.
The poll, titled Reviving and Inspiring the Workforce: 2011 Compensation Trends, included 100 executives, directors and managers. The primary finding of the study showed that the majority of employers surveyed – 63 percent – use hiring bonuses to attract talent, and nearly half – 41 percent – use or expect to use retention bonuses.
"During the economic downturn, many employers reduced staff and asked remaining
employees to do more with less," said Kathi Myers, director at Buck Consultants. "As the job market improves, these organizations are using tactics such as employee referral bonus programs to not only attract proven performers, but also help retain the employees who make referrals."
Median pay increases are also seeing a rise. Compensation levels have improved 2.7 percent from mid-2010 and 2.2 percent from the start of last year.
In addition, employers expect to implement a plethora of strategies to engage their workforce. These may include career development opportunities, market pay adjustments, larger increases in base salary and more non-cash recognition.
