The competition for top performers is heating up as 96.1 percent of organizations are actively recruiting, according to the preliminary results from the Compensation Data 2007 survey.
Kansas City, Kan. – The competition for top performers is heating up as 96.1 percent of organizations are actively recruiting, according to the preliminary results from the Compensation Data 2007 survey. Also up from 2006, voluntary turnover is at 12.3 percent for all industries, while total turnover is 18.3 percent.
In 2007, voluntary and total turnover rates were highest in the hospitality industry at 24.1 percent and 34.3 percent. Higher than average, health care organizations had 14.6 percent voluntary turnover and 20 percent total turnover in 2007. Utilities had the lowest voluntary and total turnover rates, 6.4 and 8.6 percent respectively.
As turnover rates continue to rise, companies look to a variety of methods in recruiting new employees. When advertising positions, the Compensation Data 2007 results showed 84.4 percent place ads on the Internet, which has increased by 7.8 percent since 2005. Newspaper advertising remains high at 74 percent, and job fairs are used by 54.8 percent of companies. Employee referral programs are another method used for recruiting by 59.2 percent of companies. Also, some organizations, 20.6 percent, target their search by advertising with trade or professional associations.
“Concerned with the decreasing talent pool, many HR professionals are working to find new ways to attract and retain the best individuals for the position,” said Amy Kaminski, manager of marketing programs for Compdata Surveys, the nation’s leading compensation and benefits survey data provider. “Using a targeted approach and new sources can help organizations identify the appropriate pool of qualified job candidates.”
Monetary incentives continue to be used in a variety of different forms. Sign on bonuses are utilized by 31.5 percent of organizations. Another tactic for recruiting top employees is to offer increased starting rates. This is used by 24 percent of companies, and 13.5 percent offer more raises during the first year.
About the Survey
Compensation Data 2007 contains data on 539 job titles ranging from entry-level to top executives. Annually, more than 5,000 organizations participate in the survey. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2007.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Amy Kaminski at (800) 300-9570 or firstname.lastname@example.org.