FOR IMMEDIATE RELEASE
Kathryn Klopfer, Marketing Communications & PR Specialist
email@example.com | 262.696.3426
2018/2019 Pay Trends & Talent Strategies Survey Just Released
WAUKESHA, WI (October 4, 2018) – Optimism about the economy and a tight labor market continue to be the top influencers on organizational decision making and planning according to newly released survey results from MRA—The Management Association’s 2018/2019 Pay Trends & Talent Strategies Survey.
The greatest challenge confronting organizations in both the short- and long-term is the availability of people. Companies report skilled labor shortage as the most serious challenge at 52 percent for the short-term, increasing to 56 percent for long-term. Ranking as the second most serious challenge is professional/technical staff shortage (39 percent for short-term and 44 percent for long-term). In addition to the continuing labor shortage, organizations are concerned regarding the ability to sustain the wages and benefits necessary to attract and retain employees to fill immediate needs.
"Companies today need a total rewards strategy that is focused on recruiting, retaining and rewarding top talent," said Susan Fronk, MRA President and CEO. "With competition for job candidates at an all-time high, organizations need to seize the opportunity to differentiate themselves to find and keep today’s best employees."
Survey results also identified what is most important to prospective employees. The top five factors include: 1. base pay/salary (83 percent), 2. work/life balance/flexibility (67 percent), 3. benefits including health and wellbeing (65 percent), 4. opportunities for advancement (52 percent), and 5. flexibility in work hours (41 percent).
Added Fronk, "I am truly amazed by the unique ideas that employers are using to attract, retain and develop talent. It goes beyond just pay, to finding those innovative culture points and custom benefits that employees will value, such as variable pay, flex time, recognition, company perks, and more."
According to survey respondents, the top three ways that organizations are looking to increase positive business growth and maintain a strong business plan is to invest in new technology (71 percent), new equipment (68 percent) and increase recruiting emphasis (58 percent).
More results can be found in the full Pay Trends report. MRA’s 2018/2019 Pay Trends & Talent Strategies Survey shares information on how other companies are addressing critical HR challenges. Survey results and data cover overall economic and business outlook, compensation strategy, organizational and structure design, performance evaluations, pay equity, hiring and talent strategies, and impact on business. Survey respondents included 670 organizations reporting on 1,768 divisions/locations across multiple states. The majority of respondents have fewer than 500 employees (84 percent of respondents) and are for profit (81 percent). Fifty-four percent are manufacturing and 46 percent are non-manufacturing companies. For a detailed 2018/2019 Pay Trends & Talent Strategies Survey report, contact firstname.lastname@example.org.
About MRA—The Management Association
Founded in 1901, MRA is a nonprofit employer association that serves 4,000 employers, covering more than one million employees worldwide. As one of the largest employer associations in the nation, MRA helps its members thrive by offering comprehensive HR services, talent management, learning and organization development opportunities, and total rewards planning. MRA works to help organizations build a successful workplace and powerful workforce. Headquartered in Waukesha, WI, MRA has regional offices in Palatine, IL, Moline, IL and Plymouth, MN.