Kansas City, Kan. – The competition for top performers is heating up as 98.6 percent of organizations are actively recruiting, according to the newly released results from the Compensation Data 2007 - Minnesota/Wisconsin survey of 143 employers. Voluntary turnover is at 11.8 percent for all industries in both states, while total turnover is 17.5 percent.
In Minnesota and Wisconsin, voluntary turnover rates were highest in financial services at 16.6 percent this year, while distribution/warehouse had the highest total turnover, 24.4. Not-for-profits had the lowest voluntary and total turnover rates, 6.3 and 7.8 percent.
Minnesota and Wisconsin companies look to a variety of methods in recruiting new employees. When advertising positions, the Compensation Data 2007 - Minnesota/Wisconsin results showed 93.6 percent place ads on the Internet, which has increased by 17.1 percent over the last three years. Newspaper advertising remains high at 74.5 percent, and job fairs are used by 59.6 percent of companies. Employee referral programs are another method used for recruiting by 69.5 percent of companies. Also, some organizations, 22 percent, target their search by advertising with trade or professional associations.
"Concerned with the decreasing talent pool, many HR professionals are working to find new ways to attract and retain the best individuals for the position," said Amy Kaminski, manager of marketing programs for Compdata Surveys, the nation’s leading compensation and benefits survey data provider. "Using a targeted approach and new sources can help organizations identify the appropriate pool of qualified job candidates."
Monetary incentives continue to be used in a variety of different forms across the state. Sign on bonuses are utilized by 34 percent of organizations. Another tactic for recruiting top employees is to offer increased starting rates. This is used by 28.4 percent of companies, and 13.5 percent offer more raises during the first year.
About the Survey
Compensation Data – Minnesota/Wisconsin contains data on 495 job titles ranging from entry-level to top executives. Information was collected on more than 213,000 employees across both states. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2007. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Lane Lyons Odle at (800) 300-9570 or lodle[at]compdatasurveys.com.
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