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It has been a difficult two years for employers. The challenges of the pandemic, through its uncertainty and unpredictable changes in response to it, have had a continued effect on the current economy and talent market. In 2020, the challenges of organizations were to survive and adapt in short, aggressive time frames to keep the business alive. Now, with the improved economy and opportunity to recover, organizations are facing an incredibly demanding and difficult labor market to fill in positions and capitalize on the available demand. From one challenge to another, resilience has been the overarching theme of 2020 and 2021.
Organizations are taking an aggressive approach towards attracting talent. More commonly than in the past, starting wages are public for common positions. Sign-on bonuses are increasing in popularity and amount. New and innovative ways of providing benefits are being created daily, all in the hope to find an edge to attract the right talent.
Compensation strategy is changing quickly to try and balance the challenges of unfulfilled revenue of 2020 with the high demand and competition for talent in the job market. In the 2021 Compensation Trends report, organizations provided information that will give you an understanding of what has occurred in the last 12 months and what organizations are planning to do in the next 12 months. This information will help you understand how your organization is approaching these challenges in preparation for a successful future with your organization.
MRA has a history of producing accurate and timely information to help member organizations understand the changes and trends that are occurring with compensation. It is to be used to benchmark according the organization's philosophy. Results of the questions that were surveyed are shown in tables on the pages following this summary. They include additional breakouts by state when enough clean, relevant data was present.