U.S. employers cite cost management and talent retention as their main compensation focuses in the new year, according to results from Buck Consultants’ Compensation Planning for 2016 survey.
Since 2013, the growth of compensation budgets for annual merit increases has been stalled at 3 percent and that isn’t projected to change in 2016, leaving pay managers pressured to do more with less.
While 51 percent of employers pointed to the need to keep compensation budgets in check, 45 percent said that retaining top talent remains one of their company’s highest priorities.
