A study conducted by Ernst & Young of 10,000 employees in 8 different countries concluded that stagnant wages was the number one reason people quit their jobs. In addition, staying employed at the same organization for over two years on average decreases lifetime earnings by about 50% or more. As the contingent workforce rises and job hopping is not so looked down upon in the hiring process, more and more employees feel empowered in the marketplace to negotiate their salaries or dust off their resume.
Companies who aren’t prepared to offer competitive compensation to permanent and contingent employees may miss out on potential opportunities to reduce costly employee turnover rates. Developing a compensation plan with increasing retention in mind is easy with the right process.
Download, print and follow along our 5-step process to creating the best possible competitive compensation plan: