Earlier this summer the Hudson Employment Index released Transforming Pay Plans: 2006 Compensation and Benefits Report. I do not remember this getting much if any print so here goes…
10,000 US workers from all sectors were asked polled. Here two results from the whole survey:
"Three out of four (72%) U.S. workers claim to be very or somewhat satisfied with their compensation, a large portion (44%) of the same sample say they would change their mix of cash and benefits if they could."
"Given their choice of unconventional benefits, most employees would select a more flexible work schedule (33 percent) or additional family benefits (22 percent), including parental leaves and personal days, over job training (13 percent) or supplemental insurance (16 percent)."
They have the compensation package split in three areas:
Cash - salaries, bonuses, commissions, variable pay
Benefits - health, retirement, paid time off
Non-financial – work/life balance, rewards, recognition, flex-time, career development, supplemental insurance
More on this can be found in the executive summary.
As for the information technology professionals, if you are trying to recruit new staff and retain the ones you have there is some good information. For the most part the IT respondents were inline with the overall average except for:
In general, how satisfied are you with the compensation and benefits you currently receive? IT 78% vs. All 72%.
Will your overall cash compensation this year be higher than last year, lower than last year, or about the same as last year? Answer “higher”. IT 57% vs. All 41%.
When was the last time you received a raise? Answer “< 6 months”. IT 46% vs. All 33%.
Do you participate in your company’s health insurance plan? Answer “Yes”. IT 84% vs. All 62%.
Which of the following best describes your retirement plan at work? Answer “Employer Matches or Contributes”. IT 71% vs. All 47%.
Those in IT had a higher percentage of raises based on their performance than others.
Over all IT professionals are satisfied, 78%, with their compensation than the average, 72%.
So what does this mean? Salary used to be the main compensation driver for most IT people. Now there are other things like paid-time off and flexible schedules.
This is good news for employers who may not have the biggest budgets but have the ability to take care of their employees in other ways.