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May 16, 2011
Employers Focus on Attracting, Retaining Top Talent

As the econcomy recovers, employers are gaining confidence. Pay freezes are thawing and median pay increases are expected to rise to three percent this year, up from 2.7 percent in mid-2010 and 2.2 percent at the beginning of 2010. As a result, employers are turning their efforts towards implementing effective attraction and retention strategies.

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A recent Buck Consultants survey, “Reviving and Inspiring the Workforce: 2011 Compensation Trends Survey,” found that a majority of employers (63%) are using hiring bonuses. The report also suggests that roughly 40 organizations offer, or plan to offer, retention bonuses.

Other strategies aimed at reducing turnover include:

  • New career development opportunities (41%)
  • Market pay adjustments (30%)
  • Larger base pay increases (24%)
  • More non-cash recognition (18%)

Source:

Buck Consultants

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