Analysis
Throughout April, manufacturers answered questions about the current state of attracting and retaining talent, a vital aspect of competitiveness in the current atmosphere.
- Most have not adjusted pay practices or salary structures—57% of companies have not adjusted their pay practice in the last year.
- Only a fraction are adjusting bonuses to market changes—9% of companies have increased their bonus targets in response to market shifts.
- More than 2/3 focus on direct compensation when looking at potential increases—68% of companies look at total target direct compensation for potential promotions, market adjustments, and non-merit increases.
- For a majority of companies, significant changes in salary do not require additional approvals—For 79% of companies, the number of approvals required does not vary by the percentage amount of an increase.
- Remote work is the primary incentive to keep employees motivated—93% of companies provide remote work as an incentive to keep employees motivated.
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