81% of employers have implemented sign-on bonuses
According to the WTW 2022 Mid-year Compensation Survey, employers are using a number of strategies to attract and retain employees. From increasing flexibility to sign-on bonuses, employers are having to think out of the box as the hiring market remains tight.
The survey found that 71% of employers have difficulty attracting and retaining employees with digital skills while 66% said the same for professional employees. For hourly roles, 61% of respondents said they are having difficulty hiring and keeping workers.
To help attract and retain workers, WTW found that employers are:
- Hiring employees at the higher end of salary ranges, 86%.
- Increasing flexibility in where employees work (for example, home versus office) and how they work, 84%.
- Offering sign-on bonuses to attract talent, 81%.
- Using retention bonuses to keep employees, 65%. Organizations that are enhancing the use of retention bonuses are most likely to target such bonuses to managers (82%) and professionals (80%).
- Increasing training opportunities, 55%.
Lesli Jennings, North America Leader, Work, Rewards and Careers at WTW commented: “Employers are leaving no stones unturned in their battle to find and keep talent.”
The WTW survey also found employers are revising their salary budgets to hire and keep workers. Respondents said they are planning or considering:
- Boosting their current salary budgets, 44%; 23% already have done so.
- Adjusting salary budgets throughout the year on an as-needed basis, 46%; 22% already have.
- Making more frequent salary adjustments throughout the year; 7% already have.
- Adjusting salary ranges (i.e., minimums, midpoints and maximums) more aggressively, 46%; 18% already have.
The survey took place between May 23 and June 16. It involved 884 organizations in North America that employ more than 15 million people.