Report: Increased compensation can combat growing employee turnover
According to MRA’s 2022 Benchmark Compensation Survey, base pay and a competitive and detailed total rewards package can impact overall employee satisfaction, engagement, and commitment to an organization. The annual survey evaluates salaries and this year surveyed 551 jobs held by 1,368 participating organizations. Many organizations are still reporting problems filling open positions — specifically, skilled office/clerical and technical positions — and recruiting continues to be difficult.
MRA’s most recent Turnover Survey shows the average turnover rate for an organization was 25.4% across all employee groups, an increase from 21.2% in 2020. Employee turnover can cause a domino effect, leading to an increased workload of the remaining employees, which also leads to a decline in culture, morale, and overall performance and even more turnover.