The 2024 Compensation & Benefits Survey continued the trend of offering key insights into what our members are doing to attract and retain employees. From respondents, we learned 89 percent offer their workforce a 401(k) plan, 94 percent offer a PPO medical plan option, 37 percent offer an HMO and many in this response offer both. With an emphasis on retention, 41 percent of the respondents are offering a flexible work schedule, 38 percent are paying above market salaries, and some are offering either a longevity and/or retention incentive. These are just some of the facts gleaned from the latest survey results. The member’s methods to attract talent and to fill open positions include using job boards at 68 percent (the most dominate response), 57 percent are using referrals, 43 percent hired former employees, 43 percent use social media, and a whopping 40 percent are transferring or promoting from within. The survey continues to be rich with pay data with more jobs getting added every year. As always, the survey data is free to member companies who participate in submitting their pay and benefits data. A taped webinar is available to all members interested in learning more about how to take the pay data and turn it into pay grades or ranges. Industry Insights continues to be an important, independent third-party partner in gathering raw data from members and will continue to do so in 2025.
Attached is a sample of the survey results relating to percentage of bonus paid to employees.
Bonus/Inventive as a Percent of Annual Salary
40%
CEO
40%
Senior VP
30%
VP
20%
Director
15%
Manager
10%
Supervisor
15%
Sales Employee
7%
Office/Plant Employee
5%
Field Employee
sources
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