What are organizations doing to manage turnover?

“Employers are leaving no stones unturned in their battle to find and keep talent,” says Lesli Jennings, North America leader for work, rewards and careers at WTW.

“While making enhancements to compensation programs can support employers’ immediate recruitment and retention efforts, employers recognize they will need to pull levers in addition to compensation and reinforce a connection to the overall employee experience.”

Almost half of those firms surveyed (44%) are boosting overall salary budgets, while 23% reported they have already done so to fight the “great resignation,” says WTW.

But those who do so should keep some things in mind around future wage ranges, as things will inevitably change.

“While talent challenges may seem especially acute now, employers must consider the long-term implications of their actions, particularly around the sources of funding for higher compensation and concerns over internal equity between rewards for new hires and rewards for employees of longer standing,” says Lori Wisper, leader for work and rewards global solutions, WTW.