With the economy gradually improving, many employers have unfrozen their salary increase budgets, and they’re continuing to reward top performers, according to a report from the Society for Human Resource Management (SHRM).
Companies are very worried about retaining their best performers, according to a survey released in June by WorldatWork, Hay Group, and Loyola University Chicago professor Dow Scott. Several forces are at work, including U.S. demographic shifts and international trends. Baby Boomers are retiring, and employers in other countries are findings ways to hold onto their most talented people, notes Marcia Rhodes, a WorldatWork spokeswoman. Meanwhile, jobs are becoming more complex. For all these reasons, there’s fierce competition for strong performers.