The PayScale 2013 Compensation Best Practices Report

PayScale HUMAN, CAPITAL, 2013 COMPENSATION BEST PRACTICES HERE COMES THE SUN With the economy warming up, 2013 is looking bright for businesses as many organizations are showing growth, and expressing the most optimism yet in post-recession years. FORECAST POINTS TO OPTIMISM 15% MORE BUSINESSES PLAN TO HIRE IN 2013, THAN IN 2012 2010 2011 2012 2013 37% 50% 28% 2010 2011 2012 The actual number of organizations hiring 40% 37% 38% 53% employees has consistently risen, with 2012 COMPANIES EXPECTING THEIR WORKFORCE TO GROW growth exceeding original expectations by 12%. COMPANIES EXPECTING FINANCIAL PERFORMANCE TO IMPROVE IN 2013 70% 64% SMALL MEDIUM LARGE KEEP AN EYE ON THE LITTLE GUY THE PAYSCALE INDEX 110 109 108 107 106 105 104 103 102 101 100 2007 2008 2009 2010 2011 2012 SMALL BUSINESS WAGE Small biz wage growth outpaced medium and large companies in 2012, leaving small companies feeling GROWTH INCREASED frisky and confident about their potential for strong SIGNIFICANTLY IN 2012 financial performance in 2013. TREAD WITH CARE IN 2013 As more companies look to hire in 2013, skilled labor is in demand and retention continues to be a concern. Do you rely on skilled workers? If you can find them, you better keep them happy. COMPANIES WHO CONSIDERED RETENTION A MAIN CONCERN 28% 20% 47% 49% 59% 00 2009 2010 2011 2012 2013 THE SKILLED LABOR GAP 67% 61% OF COMPANIES ARE OF THOSE SAY THE TOP HAVING A HARD TIME REASON FOR EMPTY JOB FILLING SKILLED POSITIONS IS A LACK OF JOB POSITIONS QUALIFIED APPLICANTS STRETCHING TO FILL THE GAP These industries expressed the most concern over filling skilled job positions. 64% 64% MINING, OIL & CONSTRUCTION GAS EXPLORATION WHAT DOES A HOT JOB LOOK LIKE? TITLE: SOLAR POWER ENGINEER 2012 JOB GROWTH: 13% MEDIAN PAY: $75,000 EXPERIENCE: 8 YEARS WANT TO STAY COMPETITIVE IN 2013? 85% A warming economy, a sizzling small biz sector, and a growing skills gap. What can you do to keep your retention edge in 2013? Here's a look at what your competition is planning. OF ALL COMPANIES PLAN TO GIVE RAISES IN 2013 57% PLAN TO DEVELOP A 52% MERIT-BASED PAY PLAN 61% PLAN TO GIVE INCENTIVE BONUSES PLAN TO OFFER LEARNING AND DEVELOPMENT OPPORTUNITIES Sources: http://www.payscale.com/hr See the Methodology: http://www.payscale.com/hr/2013-compensation-practices-infographic Download the Full Report: http://resources.payscale.com/2013-compensation-practices-report PayScale HUMAN. CAPITAL. REPORT