More Employees Are Getting Promotions and Raises
More organizations are recognizing the efforts of valuable employees by promoting more of them and offering them a boost in pay, according to a recent survey from WorldatWork. The findings appear to reverse a downward cycle that developed during the recent recession. As you may expect, generosity starts at the top: Executives and officers are pulling in double-digit average increases, while rank-and-file employees receive notably less. But at least the trend is going in the right direction for companies overall. However, even with these efforts, businesses aren't doing a particularly good job about letting workers know about promotions as an ongoing internal benefit to enhance recruitment and retention. "Organizations consistently undercommunicate promotional guidelines and policies to the general employee population," says Kerry Chou, a certified compensation professional (CCP) and practice leader at WorldatWork. "Employers may be missing out on an opportunity to enhance their ability to attract, motivate and retain employees by not sharing general information about the guidelines or processes associated with promotions." More than 870 human resources, compensation and benefits managers took part in the survey.