MRA’s Comp Trends Briefing Draws more than 800 Attendees and Best Practice Insights

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Media Contact: Kathryn Klopfer, Marketing Communications & PR Specialist
[email protected] | 262.696.3426

MRA’s Comp Trends Briefing Draws more than 800 Attendees and Best Practice Insights

MILWAUKEE, WI (November 12, 2019) – More than 800 HR professionals and business leaders in eight locations throughout Wisconsin, Minnesota, Illinois and Iowa attended MRA’s Comp Trends Briefing to review the 2019-20 compensation survey results and share compensation best practices in their organizations.   

MRA’s latest Compensation Trends Survey shows projected pay increases remain relatively flat at 3.2 percent across all employee groups and industry types. Deb Schultz, MRA’s Surveys & Custom Research Director, when asked if there are any foreseen changes to pay increases, commented, “Economic conditions since the recession have prompted organizations to remain cautious with their salary budgets. Additionally, with average salary structure changes less than 3 percent AND a tight labor market, the focus today goes beyond pay to strategies built around differentiation and total rewards packages – pay, benefits and perks.”

Added Deidre Garrett, MRA’s new Director of Total Rewards, “Looking at 2020 and beyond, what is most important for a company is to be able to combine compensation and culture to attract and retain talent. Organizations today need to have a marketing mindset when communicating their comp philosophy and total comp packages to candidates. They need to be able to sell the bigger picture.” 

The challenge MRA found is that employees and employers have different views on what is most important when it comes to rewards. According to MRA’s survey, results below show the difference in the top three most important features in total rewards’ offerings as indicated by employees and employers:

To attract and retain employees, employers need to be aware of what is most beneficial to their employees. MRA suggests conducting a custom survey to find out what is most important to employees.

In addition, MRA recommends employers have a plan to effectively communicate their total rewards strategy that combines pay, benefits, work environment, and growth opportunities to help recognize and incentivize employees.

During the Comp Trends briefing, the 800 participants were asked three of the most critical compensation challenges facing HR today including: What is the …

• Biggest change made in recruiting talent?
• Most “nontraditional” benefits offered to make a difference?
• Best methods for communicating total rewards?

When asked what is the biggest change made to help recruit talent, participants mentioned: data-driven decisions being more critical, sign-on and referral bonuses for immediate gratification, along with apprenticeship programs and internships contributing to a longer-term consistent talent pipeline. MRA also suggests faster processing of candidates so employers are not losing too many candidates by taking too long; enhancing a company’s online presence; and making applications easier—online, mobile friendly, and just one click. Participants also identified some newer techniques such as learning from candidate evaluations, use of video interviews, and utilizing social media for recruiting.

Found to be the most popular nontraditional benefits are: employee events, flexible scheduling (day and week), and working remotely. A few of the more innovative benefits included: personal trainers; options to buy and sell vacation days; an evening out as a company; dogs at work; and Amazon Prime membership after 6 months.

The third question asked was, “What are the best methods used to communicate total rewards?” Most common responses included: using flyers in break rooms, employee meetings, information shared on the intranet, benefits guides, and more.

According to survey results, an area of opportunity exists!  Survey respondents reported that only 38 percent provide annual total reward statements and 62 percent do not. Garrett emphasized total compensation statements as an area of opportunity for differentiation and an easy way to sum up the annual value of the pay, benefits and perks being offered to the employee. It provides employees with a greater understanding of their total package and the company’s investment in its employees.

For more information or to receive a copy of MRA’s Compensation and Talent Insights for 2020 and Beyond hot topic survey, click here or contact Deidre Garrett, Director of HR Services & Total Rewards at MRA 262-523-9090.

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. To learn more about MRA, visit www.mranet.org.