According to a survey conducted by Xerox, employers will be shifting their priorities in 2017 from cost control to rewarding top performers.  Specifically, 53% of survey participants stated that their highest priority in the coming year will be to retain top talent.  Of the action plans that will be implemented to retain top performers, 61% will provide new career development opportunities, 37% will make market pay adjustments, and 24% will utilize more non-cash recognition options.  

 

Another portion of the survey indicated that respondents showed some enthusiasm with regards to compensation communication with employees.  For instance, 64% share their compensation philosophy and strategy, 69% communicate the value of total rewards, and 59% provide updates on results related to organizational performance and the potential impact on pay.  

 

Employers were also less 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.