Xerox Services Survey Finds Retention Tops Cost Management for Employers’ 2017 Priorities
October 18 2016 - 10:00AM
Business Wire
Employers appear to be loosening their purse strings as they
shift their focus from cost control to rewarding top performers.
Fifty-three percent of respondents in Xerox (NYSE:XRX) HR Services’
2017 Compensation Planning Survey report that their highest
priority in the coming year is to retain top talent.
The tenth annual survey found that while pay raises are expected
to remain at three percent, consistent since 2012, nearly all
survey participants who plan to offer lump sum payments in 2017
will do so to reward employees who have reached or are above their
pay range maximums. In addition, 37 percent of employers intend to
determine market pay adjustments for high potential employees.
“Attracting and retaining top talent is increasingly critical,
and organizations need to continue – or start – finding creative
ways to do so,” said John Gentry, president, Xerox HR Services.
“These findings reflect a sign of optimism among employers as they
shift gears from controlling costs to engagement.”
Over half (54 percent) of employers surveyed anticipate normal
hiring in 2017.
Pay Communication Philosophy
Respondents showed enthusiasm when it comes to compensation
communications with employees:
- 64 percent share their compensation
philosophy and strategy.
- 69 percent communicate the value of
total rewards.
- 59 percent provide updates on results
related to organizational performance and the potential impact on
pay.
Employers are least likely to share the full pay structure for
jobs within the same class or group, or possible pay increases
associated with particular levels of performance or steps within a
pay structure, with employees.
“Organizations are acknowledging employees’ desire for more
transparency around total rewards,” said Gentry. “Providing
information on compensation philosophy and strategy, as well as
business results, helps employees understand the effect on their
pay and the value or their contributions to the organization.”
Xerox HR Services helps employers improve their HR programs
through advisory, technology, and administrative services while
enabling employees to better manage their health and wealth
programs as well as their career development.
About the Survey
The Xerox HR Services Compensation Planning for 2017 collected
data on pay increases, pay-for-performance patterns, short-term
incentive plans, and attraction and retention programs from 172
organizations in the U.S. The survey was completed in October,
2016. The full results are available at no cost to the media by
contacting David Joslin at David.Joslin@xerox.com or
+1-585-754-2978. It is available to other interested parties for
$530.00 by calling +1 800.887.0509 or visiting
www.bucksurveys.com.
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About Xerox
Xerox is helping change the way the world works. By applying our
expertise in imaging, business process, analytics, automation and
user-centric insights, we engineer the flow of work to provide
greater productivity, efficiency and personalization. Our employees
create meaningful innovations and provide business process
services, printing equipment, software and solutions that make
a real difference for our clients and their customers in 180
countries. On January 29, 2016, Xerox announced its plans to
separate into two independent, publicly traded companies – Xerox
Corporation, which will be comprised of the company’s Document
Technology and Document Outsourcing businesses, and Conduent
Incorporated, a business process services company. Learn more at
www.xerox.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161018005279/en/
Media:Xerox HR ServicesDavid Joslin,
+1-585-754-2978David.Joslin@xerox.comorText100 for XeroxKayla
Holmes, +1-585-697-2619Kayla.Holmes@text100.com
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