Sep 26, 2022
In today’s highly competitive labor market, employers across the country are finding it increasingly difficult to attract and retain employees. Understanding what employees value most is key, especially as employers plan and budget for the year ahead.
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 the annual Compensation, Retirement, and Benefits Trends Report.
As results for the 2022-2023 edition are compiled, results show employers are using these programs to stay competitive in today’s labor market.
Some key findings of interest to employers and their financial advisors include:
- Average base salary increases reach 4% and above for executives, salaried exempt employees, and hourly non-exempt workforce in 2022.
- Employers continue to allocate more salary budget dollars to reward high performers.
- Companies are leveraging increased health and welfare benefits for employees and focusing efforts on communicating benefits program offerings.
- Among retirement plans, employers are increasing matching contributions and offering auto-enrollment features to encourage saving early and often.
- Nonqualified programs remain a critical benefit for executive recruitment and retention, as well as a financial planning tool and more tax-efficient compensation vehicle.
Find out details by joining the webinar “Compensation, Retirement, and Benefits Trends”
on Thursday, November 3rd at 2 p.m. E.T. / 11 a.m. PT.
You can register here