Retaining, Recruiting Top Talent Key Priorities for Employers in 2011

May 17, 2011 – With the employment outlook improving, employers are focusing their compensation programs on hiring and retaining top talent, according to a survey released Buck Consultants, a Xerox company and provider of human resource and benefits consulting. Employers are using hiring bonuses to attract talent and retention bonuses to keep them. Buck's study, “Reviving and Inspiring the Workforce: 2011 Compensation Trends Survey,” found that nearly two-thirds (63 percent) of organizations report using hiring bonuses and 41 percent use or expect to implement retention bonuses. The survey included a range of employee levels including; executives, directors, managers, other exempt employees and nonexempt employees. For those employees participating in a bonus program, the study found that eight out of every 10 employees can expect to receive a payout in 2011. Forty-four percent of employers who responded to the survey expect to pay bonuses that are at least five percent larger than last year. “During the economic downturn, many employers reduced staff and asked remaining employees to do more with less. As the job market improves, these organizations are using tactics such as employee referral bonus programs to not only attract proven performers, but also help retain the employees who make referrals,” said Kathi Myers, director at Buck Consultants. “Involvement in the hiring process engages employees and strengthens their ties to the organization.”

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