There’s a lot of talk about workplace culture and flexibility. So really, how important is pay anymore? The answer is, yes, compensation matters. Here’s some recent intel that can help you determine best ways to implement salaries.
Making ends meet
We’d like to think that all employees come to work to better the world and make a difference. But employees’ total compensation affects their daily lives and ability to achieve personal success. No matter how fulfilling the job, they need to make ends meet and live comfortably. Pay matters.
In the Jobvite 2021 Job Seeker Nation Report, workers they surveyed across a variety of industries reported that their top influence in accepting a job offer or not was overall compensation. Despite the pandemic job market, workers were increasingly comfortable in negotiating salaries and asking for a raise.
Compensation considerations aren’t much different when we look specifically at the agricultural industry. Compensation is consistently among the top considerations for job seekers. In the AgCareers.com Candidate Experience Survey, compensation/benefits were second only to “job fit” in what candidates look for most in an employer.
When AgCareers.com polled agricultural candidates about what would motivate them to leave a current job for another opportunity, career advancement and higher compensation were the most likely motivators.
Taking a sneak peek into our soon-to-be released 2021-2022 HR Review of U.S. Agribusinesses, employers report that competition for talent is fierce; compensation plays a crucial role in recruitment and retention. Over 80% of companies reported that salaries increased in the last year, consistently from 2.1-3%.
Agriculture employers are also reporting bigger likelihood of salary increases in the next year, with more than 96% saying all staff or some staff would receive an increase.
According to candidates, pay matters. How do agricultural employers know if they measure up and compete? Salary Benchmarking. Around 80% of agribusinesses participate in or purchase salary surveys for benchmarking. The AgCareers.com Compensation Benchmark Review serves the unique needs of the agribusiness industry like no other salary survey can. Find out more in our video here, or contact [email protected] for details.
The opinions of the author are not necessarily those of Farm Futures or Farm Progress.