Kansas City, Kan. – The competition for top performers is heating up as 93.5 percent of organizations are actively recruiting, according to the newly-released results from the Compensation Data 2007 - Michigan survey of 220 employers. Voluntary turnover is at 7.7 percent for all industries in the state, while total turnover is 12.7 percent.
In Michigan, voluntary turnover rates were high in the services industry at 10.1 percent this year, while distribution/warehouse had the highest total turnover, 14.7. Higher than average, health care organizations had 9.3 percent voluntary turnover and 13.3 percent total turnover in 2007. Manufacturing had the lowest voluntary turnover rate, 6.6 percent, and not-for-profit had the lowest total turnover 9.1.
As turnover rates continue to rise, Michigan companies look to a variety of methods in recruiting new employees. When advertising positions, the Compensation Data 2007 - Michigan results showed 81.9 percent place ads on the Internet, which has increased by 8.9 percent since 2005. Newspaper advertising remains high at 69.8 percent, and job fairs are used by 42.8 percent of companies. Employee referral programs are another method used for recruiting by 51.6 percent of companies. Also, some organizations, 17.7 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 31.6 percent of organizations. Another tactic for recruiting top employees is to offer increased starting rates. This is used by 20.9 percent of companies, and 13 percent offer more raises during the first year.
About the Survey
Compensation Data 2007 – Michigan contains data on 506 job titles ranging from entry-level to top executives. Information was collected on more than 179,000 employees across the state. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2007. Compdata Surveys, www.compdatasurveys.com, has been providing accurate, reliable data at affordable prices 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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