Is your compensation strategy workable in today’s business climate and tight labor market? There’s a tool to help you answer that question. 

The Creative Group has published its 2018 Salary Guide, which offers info on trends, starting salaries and benefits, which will help you get a sense of where you stand. 

It’s a pay-for-performance world

Here’s a look at the report’s take on current compensation practices. See how your comp plan stacks up:

1. It’s about performance.

Sixty-five percent of the employers who participated in The Creative Group’s research said they base their comp decisions on a pay-for-performance model:

•   37% offer spot awards for individual or team achievements

•   20% offer profit sharing

•   18% have retention bonuses

•   18% offer some stock options, and

•   16% give their employees deferred compensation.

2. Just 19% of those participating said they didn’t offer any form of bonus to their employees.

Of the remainder:

•   27% offer bonuses on the basis of individual or company performance

•   22% combine individual, team and company performance

•   16% base the bonus on individual achievement only, and

•   8% based bonuses on company performance only.

3. How companies determine salary increases:

•   72% base them on merit

•   38% use cost-of-living adjustments

•   17% consider length of service

•   16% use different criteria, like market data, and

•   3% said they had no hard-and-fast standard for setting increases.

4. Time off: The Creative Group report said that on average, companies offer 14 days of paid vacation for the first five years of employment, plus nine paid holidays.

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