PayScale Report Shows Increasing Confidence for Businesses; Highlights Concerns About Recruitment and Retention to Achieve Growth Projections
SEATTLE, WA–(Marketwire – Feb 28, 2013) – Today, PayScale, Inc., the leader in compensation data and software, reported the results of its annual survey of employers on compensation best practices. The full report, PayScale’s 2013 Compensation Best Practices Report, is available at: http://resources.payscale.com/2013-compensation-practices-report
As it has done for the past four years, PayScale surveyed companies across the United States, Canada, and 11 additional countries to understand past and projected business performance. In particular, the survey uncovered attitudes around compensation, hiring, and retention as financial indicators in the economy.
“Consistent with the quarterly PayScale Index, the results of the 2013 Compensation Best Practices Report show more optimism amongst small and large businesses than in past years,” said Katie Bardaro, Lead Economist and Director of Analytics at PayScale.
Highlights from the report:
- A whopping 70% of small businesses — and 61% of large companies — expect their business performance to improve in 2013.
- Companies are planning to invest in new talent to grow their business with 15% more companies planning to hire in 2013 than in 2012.
- The number of organizations hiring employees has consistently risen, with 2012 growth exceeding original expectations by 12%.
- In 2012, small business wage growth increased significantly, demonstrating the little guy is competing with large companies for skilled employees.
- As more companies look to hire in 2013, skilled labor is in demand. In the survey, 59% of respondents cited retention as a main concern.
- Obamacare is essentially a non-issue for executives, with 75% saying it will have little or no effect on hiring and staffing plans.
Check out PayScale’s full 2013 Compensation Best Practices Report. An infographic with report highlights is also available at: http://www.payscale.com/hr/2013-compensation-practices-infographic.