Feb. 7, 2017 — WASHINGTON, D.C. — WorldatWork, a leading human resources association, and Compdata Surveys & Consulting, a full service firm providing innovative solutions to compensation challenges, released a new study today that examined the prevalence of 176 different total rewards programs in U.S., Canadian and international companies. The Inventory of Total Rewards Programs and Practices survey invitations were sent to WorldatWork members and the work was underwritten by Compdata.
"This is the most comprehensive prevalence survey that WorldatWork has ever done, and it provides a broad look at what total rewards programs are being offered today. This will become an annual survey, allowing our membership and total rewards professionals to follow trends in total rewards program usage by major industry, sector and company size," said Alison Avalos, senior manager, research and certification at WorldatWork. "This survey also incorporates new metrics data, such as regrettable turnover and level of employee engagement, to help companies build stronger connections between the programs they offer and their workforces' experiences."
The survey includes total rewards programs that range from traditional benefits with nearly universal use such as defined contribution plans (98%) and dental plans (99%) to brand new boutique financial wellness ideas such as student loan debt repayment (4%). The program categories include workplace flexibility, financial wellness, culture initiatives and community involvement, caring for dependents, development opportunities, recognition, performance management, long and short term incentives, bonuses and commissions, base pay, retirement, paid and unpaid time off, retirement, health and wellness, and other benefits and perquisites.
"The current workplace landscape is competitive, and it is more important than ever for employers to develop total rewards packages that attract high quality candidates and drive employee satisfaction and engagement," said Greg Wolf, managing principal at Compdata. "An understanding of current market trends is the baseline HR professionals need to develop the right combination of total rewards to satisfy their organizations' needs."
About the Survey:
This report presents the result of an August 2016 survey of WorldatWork members. Data is reported in aggregate with breakdowns by major industry, sector and size, as well as regrettable turnover and self-reported employee engagement survey results. The survey opened on August 17, 2016 and closed on September 2, 2016 with 832 responses. The dataset was cleaned and analyzed using statistical software. Duplicate records were removed, resulting in a final dataset of 730 responses.
About Compdata Surveys & Consulting: Where Data Meets Design.
Compdata provides HR professionals with the compensation tools they need to stay competitive. With our extensive pay and benefits database and experienced compensation consultants, we are a full-service firm providing innovative solutions to the most complex compensation challenges.
We conduct salary surveys across a wide range of industries including Banking & Finance, Colleges & Universities, Healthcare, High-Tech, Hospitality, Insurance, Legal, Manufacturing & Distribution, Not-for-Profit, Services and Utilities. Our database contains information from more than 40,000 employers, and includes pay practices and benefits. If you are tackling a more complex compensation challenge, our consultants have a wealth of expertise and experience. We specialize in tailoring projects to your needs, and services include total rewards strategies, market reviews, job descriptions, base pay program design, executive compensation, variable pay plan design, and benefits program analysis.
The Total Rewards Association
WorldatWork is a nonprofit human resources association and compensation authority for professionals and organizations focused on compensation, benefits and total rewards. It's our mission to empower professionals to become masters in their fields. We do so by providing thought leadership in total rewards disciplines from the world's most respected experts; ensuring access to timely, relevant content; and fostering an active community of total rewards practitioners and leaders.
WorldatWork has more than 70,000 members and subscribers worldwide; more than 80% of Fortune 500 companies employ a WorldatWork member. Founded in 1955, WorldatWork has offices in Scottsdale, Ariz., and Washington, D.C., and is affiliated with more than 70 human resources associations around the world.
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