Beqom Study Uncovers How Compensation and Benefits Are Impacting Talent Shortages

More than one in four (27%) Americans believe employers should provide pay transparency in job postings, and 61% are more likely to apply to a job that shares a salary in the job posting, according to a new survey by beqom, a leading cloud-based compensation software provider. The pandemic has upended the way Americans think about work, increasing employee expectations of transparency and flexibility. In fact, 80% of Americans expect their employers to allow them to work remotely multiple days a week and 82% expect flexibility in their hours.

“The last 18 months have greatly changed the way we work, the way we value work as a part of our lives and what employees need from a future employer”

These findings are according to beqom Employee Expectations in Hiring Report: Rethinking Compensation Strategies to Attract Talent in the 2021 Job Market that reveals how the COVID-19 pandemic has impacted employees’ views of compensation, benefits, salary transparency and more, and what employees expect from their future employers in this candidate’s market.

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The report further indicates employees are zeroing in on safety and activism, both in the organization and externally. More than three-quarters (76%) of Americans feel a company’s response to the pandemic is a factor in applying and accepting a job. Furthermore, two-thirds (66%) of Americans do more research into a company’s CSR efforts than prior to the pandemic.

“The last 18 months have greatly changed the way we work, the way we value work as a part of our lives and what employees need from a future employer,” said Tanya Jansen, co-founder of beqom. “With millions of open jobs available, and labor shortages creating a candidate’s market, it’s critical for employers to understand employee needs when it comes to compensation and benefits. As employers navigate through this shift, it’s crucial for companies to utilize data and employee input to implement a flexible rewards policy that ensures relevant benefits for each individual.”

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Additional findings from the report include:

Americans Prioritize Pay but Are Willing to Work for Less in Exchange for Flexibility

  • More than half (52%) of Americans expect their salary will be higher in a new role due to the pandemic – this is particularly true for Gen Xers (58%) and Millennials (56%), compared to Gen Zers (43%) and Baby Boomers (30%).
  • Respondents named some benefits for which they might be willing to take a salary that is lower than the market average, and these included: flexible working hours (77%), remote work options (71%), and a higher number of PTO days (70%).

Meeting the Market Salary Rate Isn’t Everything When Employers Offer the Right Benefits

  • Nearly two-thirds (63%) of Americans are aware of the current industry benchmark for their desired role.
  • However, the majority (77%) of Americans would take a salary lower than market average if they had flexibility in working hours.
  • Nearly two-thirds (65%) of Americans are willing to take a pay cut to work remotely.

Compensation Transparency is Desired by Employees in Their Next Role

  • More than half (55%) of Americans have been pressured by an employer not to disclose their pay to coworkers.
  • Additionally, more than two-thirds (67%) of Americans think companies should disclose their CEO-to-employee pay ratios and 70% believe companies should disclose their overall pay gaps.

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