Elwood Believes in a 3-Part Pay Strategy 1.
PAY AT OR ABOVE MARKET LEVEL.
101,985
2.
We surveyed 101,985 job seekers, and pay was most frequently cited as the most important factor in a job search!
PAY AFFECTS THE SIZE OF YOUR TALENT POOL!
Famed researcher Daniel Kahneman’s studies show that money affects worker happiness when total family income is less than $75,000.
3.
INCREASE WAGES OVER TIME.
Implement a progressive pay program, or at least GIVE ONE APTLY-TIMED RAISE! Bonuses give workers a short-term morale boost, which may help push them through periods of discontent and reduce turnover.
CO S T S R I S E .
NO ONE WANTS TO WORK FOR LESS BUYING POWER. MOST EMPLOYERS DO!
Effective Buying Power of $10.50 Hourly Wage Over Time (Compared to Today’s Wage) $1.50 $1.00
65%
$0.50
OUR RECENT SURVEY DATA SHOW nearly 65% of employers offer at least one bonus opportunity.
$$(0.50)
Pay between the
$(1.00) $(1.50)
50TH &
75TH percentile for your market.
If you do this ...
OUR RECENT SURVEY DATA SHOW
12
that over the past months, the median pay rate has risen in
60% of the positions
$(2.00) $(2.50)
Months 6
12
18
24
30
36
42
48
62%
You’ll pay better than 2 or 3 out of every 4 potential employers.
54
60
Premier Employer: Offers 6% annual wage increase to outpace cost of living adjustments. Wage raises (2.956%) offered every 6 months. Average Employer: Offers 4% annual wage increase to match traditional cost of living adjustments. Wage raises (1.98%) offered every 6 months. Below Average Employer: Does not offer wage increases.
we survey on, and on average across
positions, of companies reported a starting wage increase. YOU MUST BENCHMARK AND ADJUST YOUR PAY RATES EVERY YEAR.
GIVE BONUSES.
4X
Our turnover data show that employees who receive at least 1 raise work nearly 4x longer before quitting than those who don’t receive a raise. (520 vs. 147 hours)
OUR RECENT SURVEY DATA SHOW nearly 90% of companies offer at least one raise in the first year.
MOST COMPANIES GIVE
1
THE THREE MOST COMMON BONUSES ARE:
Holiday
RAISE
THE MOST COMMON TIME TO OFFER A RAISE IS BETWEEN
30-60
DAYS
Attendance Performance
LEARN MORE ABOUT ELWOOD STAFFING AND CREATING A COMPETITIVE WORKFORCE STRATEGY AT ELWOODTHINKS.COM