METROPOLITAN MILWAUKEE ASSOCIATION OF COMMERCE issued the following announcement January 31.
As employers search for the best ways to attract and retain talent in the midst of one
of the fiercest talents wars yet, compensation is now front and center.
How is that playing out in our market? Read the findings from a new survey from MMAC member company MRA. Key takeaways include:
- 74 percent of organizations in this study indicate they are occasionally to very frequently offering candidates starting salaries outside the regular starting pay ranges as a tactic to try and gain talent.
- As a result of talent challenges, 90% of organizations have adjusted the pay ranges in their organization for 2022 to recruit and retain talent.
- Moving into 2022, 37% of organizations will be offering a signing bonus to some, if not all, of their new hires.
- Executive-level positions are most commonly offered more than $5,000 (38%) as a sign-on bonus while production, office, and technical positions are most commonly offered between $500 - $2,500.
- Of organizations that offer a signing bonus, 75% have a retention requirement associated with the signing bonus, with over half requiring at least a year of service.
- Referral bonuses continue to be a popular tactic of recruiting new talent. Seventy-two percent of organizations are offering a referral bonus for
their employees to encourage participation in the recruitment process for the organization. That bonus is commonly offered between $500 - $1,000.
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