HR Resources
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Managers Are Concentrating on Retention
Business managers say that retention will be one of their most important workforce-related issues in 2005 says Workforce.com. Thirty-nine percent of managers surveyed say that employee retention will be a “top trend affecting policies that impact employees” at U.S. businesses this year, according to a study of 107 managers by the Society for Human Resource Management. Last year, 34 percent cited retention as a “top trend.”
Execs Say “Show Me the Money”
Executives have spoken their minds about the world's most effective recruitment tool: it's money. According to Theladders.coma survey of 677 job seekers in the $100k+ market conducted by executive job search service TheLadders.com, 84% would prefer a salary increase to a bump up in title. Marking a departure from the boom time of the late 1990s, when it was common for new employees to be lured with the promise of a fast-track title , executives in today's market are far more interested in tangible compensation. Cash isn't everything, though. In a related survey of 1,566 job executives conducted in October, TheLadders.com found that the prospect of job fulfillment was perceived to be slightly more critical than total compensation when evaluating a new job offer. Thirty seven percent of the executives surveyed ranked job fulfillment as the most important career consideration, while a very close 32% placed the higher value on compensation. The days of trumped up titles and non-transferable monikers like Managing Director of Rainmaking and Senior Marketing Guru are largely behind us,” said TheLadders.com president, Marc Cenedella. “Both job seekers and recruiters have gotten wise to inflated or contrived-sounding titles that don't mesh with real world experience. So, while a big title without the experience to back it up might make your mom proud, it isn't going to help your career.”
In 2005, Less Emphasis on Raises, More on Bonuses
Those executives who are looking for employers to “show them the money” may be in for a surprise in 2005. According to a recent survey from Mercer Human Resource Consulting, bonuses are more prevalent than pay raises. Workers in every level of an organization may find themselves eligible for company bonuses ranging from three to five percent of the employee's salary. How do the bonuses break down in the ranks? Executives earn the top bonus awards, getting 30 to 50 percent of their annual base pay. Upper-level managers weigh in second with bonus levels ranging from 15 to 25 percent of pay. For middle managers, the bonuses generally come in at 10 to 15 percent. –Source: www.HR.BLR.com. This Web site also offers several free E-zines with information on Human Resource Management.
