Sep 30, 2021
Employers across the country are finding it more and more difficult to recruit employees. To make matters worse, oftentimes, when you do find a good employee, it becomes difficult to retain them.
Each year, Newport’s Compensation Consulting team surveys employers across the country to gather data on the current state of compensation, retirement and benefit programs. The result is our annual Compensation, Retirement and Benefits Trends Report.
As we begin to compile results for the 2021-2022 edition, we are observing how employers are using these programs to stay competitive in the tight labor market.
Some of our key findings include:
- Salary increases are on the rebound, approaching 3% for executive and salaried exempt employees, and above 3% for the hourly non-exempt workforce
- Merit raise budget dollars continue to be allocated to differentiate performance
- Companies are implementing, or considering implementing, increased health and welfare benefits for employees
- Among retirement plans, financial wellness programs are on the rise
- Non-qualified benefit programs remain a critical tool for executive recruitment and retention, as well as a financial planning tool and more tax-efficient compensation vehicle
Find out details by joining our webinar “Compensation, Retirement and Benefits Trends” on Wednesday, November 3 at 2 p.m. E.T. / 11 a.m. PT. You can register here.
Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services.