The Real Results - Compensation Trends Survey

09/21/22 • 23 min

JUST IN: The results are in for MRA’s 2022 Compensation Trends Survey, and expert Mike Kopczynski is here to give you answers! Does your organization need to re-think it’s compensation strategy? We’ll cover pay increase, compensation strategy, talent shortage, total rewards, and more.

Listen to Discover:

With the dynamic environment of the last two years, more and more companies are investing in a compensation strategy. What should be included in the strategy?
How employers can differentiate themselves and adapt quickly to the intense competition for labor
What makes MRA’s Compensation Trends Survey stand out – learn how we stay in tune with the current business trends

Bios:

Mike Kopczynski, Custom Surveys and Business Research Lead

Let's Connect:

Mike's LinkedIn Profile

Resources:

Are you an MRA member that participated in this year's Compensation Trends Survey?

The report can be viewed on the MRA Website through the user dashboard. If you participated in the report, simply log in to the website, head over to your user dashboard, and locate surveys on the grey bar! From there you will see your report under “View Survey Reports”.

Are you an MRA member but did not have a chance to participate in this year's Compensation Trends Survey?

The full report can be purchased for $545, with applicable sales tax. To do so, login to the website, head on over to your dashboard and locate surveys on the grey bar. Click on it and it will take you to the survey page, scroll down to Purchase Survey Results and follow the steps on screen for the report you wish to purchase.

Not a MRA member yet?

Access our executive summary This is a small portion of the survey that includes key information from MRA's Compensation Trends Survey.

Transcript:

INTRO | 00;00;00;03 - 00;00;23;03

Hello, hello everybody and welcome to 30 minute THRIVE, your go-to podcast for anything and everything HR, powered by MRA - The Management Association. Looking to stay on top of the ever-changing world of HR? MRA has got you covered. We'll be the first to tell you what's hot and what's not. I’m your host, Sophie Boler, and we are so glad you're here. Now, it’s time to thrive!

Sophie Boler | 00;00;23;17 - 00;00;55;14

Well, I'm excited to continue the Compensation Trends Survey series and really move into more of the results of the survey. So last week, Brittany went into the ins and outs of the production of the survey. But this week I'm joined with Mike Kopczynski, Customer Surveys and Business Research Lead here at MRA. And Mike has over 20 years of leading research teams and really plays a key role in the production of MRA surveys, which is awesome.

Sophie Boler | 00;00;55;27 - 00;01;11;09

And you actually just spoke at the Comp Trends event last week, which was great, and I know that went well, but really this week we want to go into the results of the survey. So welcome to the show, Mike. How are you doing today?

Mike Kopczynski | 00;01;11;10 - 00;01;25;08

Great, Sophie, thank you and yeah, thank you for having me on board. Last week was pretty intense. Yeah, it was fun to express the results. Inform members, obviously, of this year's challenges of this year's findings.

Sophie Boler | 00;01;25;09 - 00;01;25;29

Absolutely.

Mike Kopczynski | 00;01;26;09 - 00;01;26;25

Thanks for having me.

Sophie Boler | 00;01;26;29 - 00;01;40;13

For sure. Well, really, just want to start out by asking the main question that's on employer's minds right now, and that is what percent pay increase can employers expect based on the survey results?

Mike Kopczynski | 00;01;40;22 - 00;02;06;03

Yeah, it is typically asked in our survey, and one of the questions that we historically trendd is payment merit increases. And as you alluded to, 4.0% is this year's number. It's the highest incremental increase that we saw in 15 years as we've tracked the survey and many companies are using that to pin their number based on their merit increases on top of base pay.

Mike Kopczynski | 00;02;06;11 - 00;02;08;07

So 4.0% this year.

Sophie Boler | 00;02;08;21 - 00;02;28;24

And 4%, it's a lot. I mean, considering that past years have been 3%, but we've even heard this upcoming year that some companies are going as far as 4.7%, which is huge. So how can an employer really ...

Listen to Discover:

With the dynamic environment of the last two years, more and more companies are investing in a compensation strategy. What should be included in the strategy?
How employers can differentiate themselves and adapt quickly to the intense competition for labor
What makes MRA’s Compensation Trends Survey stand out – learn how we stay in tune with the current business trends

Bios:

Mike Kopczynski, Custom Surveys and Business Research Lead

Let's Connect:

Mike's LinkedIn Profile

Resources:

Are you an MRA member that participated in this year's Compensation Trends Survey?

Are you an MRA member but did not have a chance to participate in this year's Compensation Trends Survey?

Not a MRA member yet?

Access our executive summary This is a small portion of the survey that includes key information from MRA's Compensation Trends Survey.

Transcript:

INTRO | 00;00;00;03 - 00;00;23;03

Sophie Boler | 00;00;23;17 - 00;00;55;14

Sophie Boler | 00;00;55;27 - 00;01;11;09

Mike Kopczynski | 00;01;11;10 - 00;01;25;08

Sophie Boler | 00;01;25;09 - 00;01;25;29

Absolutely.

Mike Kopczynski | 00;01;26;09 - 00;01;26;25

Thanks for having me.

Sophie Boler | 00;01;26;29 - 00;01;40;13

Mike Kopczynski | 00;01;40;22 - 00;02;06;03

Mike Kopczynski | 00;02;06;11 - 00;02;08;07

So 4.0% this year.

Sophie Boler | 00;02;08;21 - 00;02;28;24

Previous Episode

Behind the Scenes of MRA’s Compensation Trends Survey with Brittany Rittershaus

Get a behind-the-scenes look at the making of MRA's Compensation Trends Survey. We asked the important questions to give you the answers you need. We'll talk about changing compensation, talent shortage, inflation, and give you a sneak peek at this year's Compensation Trends Survey!

Listen to Discover:

What makes this compensation survey most useful for business leaders--learn about aged data
How to use data for merit increases with or without Zeros
What changes are being made to accommodate today's talent shortage

Bios:

Brittany Rittershaus, Survey & Graphics Specialist

Resources:

Are you an MRA member that participated in this year's Compensation Trends Survey?

Are you an MRA member but did not have a chance to participate in this year's Compensation Trends Survey?

Not a MRA member yet?

Access our executive summary This is a small portion of the survey that includes key information from MRA's Compensation Trends Survey.

Transcript:

INTRO | 00;00;00;02 - 00;00;23;04

Hello, hello, everybody and welcome to 30 minute THRIVE, your go-to podcast for anything and everything HR, powered by MRA, The Management Association. Looking to stay on top of the ever-changing world of HR? MRA has got you covered. We’ll be the first to tell you what’s hot and what’s not. I’m your host, Sophie Boler, and we are so glad you’re here. Now it’s time to THRIVE.

Sophie Boler | 00;00;23;16 - 00;00;55;17

Hello, everybody, and welcome back to 30 minute THRIVE. Our episode today is part of our three-part compensation trends miniseries. As companies are attempting to find the perfect formula for recruiting and retention, compensation is the key. MRA’s Compensation Trends Survey is designed to guide organizations on topics such as economic and business outlook, pay increases, pay structures, and pay transparency.

Sophie Boler | 00;00;56;06 - 00;01;25;08

Today, I’m sitting down with Brittany Rittershaus to get a behind-the-scenes look at the making of this year’s Compensation Trends Survey. Brittany is the surveys and graphics specialist at MRA. She writes, produces, and designs the final survey reports and is one of the leads on MRA’s Hot Topics surveys. Brittany helps by producing the questionnaire and writing and designing the reports to ensure they are timely and relevant.

Sophie Boler | 00;01;27;02 - 00;01;30;19

Hello and welcome to 30 minute THRIVE, Brittany. It’s great to have you on.

Brittany Rittershaus | 00;01;30;22 - 00;01;32;26

It’s great to be here. Thanks for having me.

Sophie Boler | 00;01;33;03 - 00;01;55;26

Sure. I’m excited to hear the inside scoop on the latest Compensation Trends Survey for MRA. So MRA surveys are really here to provide insights to help companies compete and stay informed on business trends, and the Compensation Trends Survey is one of the most popular ones we do. So, what makes the Compensation Trends Survey so popular?

Brittany Rittershaus | 00;01;56;16 - 00;02;26;25

I think what drives this survey and makes it so popular for organizations is what we ask in the survey. We are constantly making sure we have the correct trends that occur within compensation and any changes that might occur. We really want to help organizations remain competitive, and this survey really does help them remain competitive because it has information that they need for their compensation strategies.

Sophie Boler | 00;02;27;03 - 00;02;30;11

So can you dive in a bit deeper into what this report looks like?

Brittany Rittershaus | 00;02;30;29 - 00;02;58;29

Yes. So, we do have over 40 questions that we asked in this survey, all focused on various compensation trends, questions. We also had 749 organizations participate and they reported on over 2,000 divisions or locations across the U.S. We also break out the data into various sections. We have an overall, which includes all the data no matter what state that they reported their data for.

Brittany Rittershaus | 00;02;59;13 - 00;03;07;26

We also break it out in Illinois, Iowa, Minnesota, and Wi...

Next Episode

Your Competitive Compensation Trends Questions Answered!

Description: In this episode with HR Content Manager, Debbie Morgan, we wrap up the compensation conversation by giving you answers to YOUR questions! Debbie shares practical ideas business leaders can use today when it comes to compensation planning, including pay compression, employee attraction and retention, inflation, competitive pay strategies, and more.

Listen to Discover:

Pay is not based on inflation! Salary is a cost of doing business, and inflation is tied to the economy and the cost of purchasing goods. Inflation is tied to the cost of living, while salary budgets are tied to the cost of labor.
Organizations that have already made market adjustments and are confident in market positioning are planning merit budgets of around 4 percent.
Seventy percent of employers are planning benefit enhancements for 2023. Competitive health plans, generous vacation/sick/PTO, parental leave programs, remote work, and flexible schedules are differentiators.

Bios:

Debbie Morgan, Manager, HR Content

Let's Connect:

Debbie's LinkedIn Profile

Resources:

Are you an MRA member that participated in this year's Compensation Trends Survey?

Are you an MRA member but did not have a chance to participate in this year's Compensation Trends Survey?

Not a MRA member yet?

Access our executive summary This is a small portion of the survey that includes key information from MRA's Compensation Trends Survey.

Transcript:

INTRO | 00;00;00;03 - 00;00;23;05

Hello, hello, everybody, and welcome to 30 minute THRIVE - your go- to podcast for anything and everything HR, powered by MRA - The Management Association. Looking to stay on top of the ever- changing world of HR? MRA has got you covered. We'll be the first to tell you what's hot and what's not. I'm your host, Sophie Boler, and we are so glad you're here. Now, it's time to THRIVE.

Sophie Boler | 00;00;23;18 - 00;00;51;25
Well, hello, everybody. I am joined with Debbie Morgan today. She's our HR Content Manager here at MRA. She's been here for two years, but has really been in the business for 20 years now with HR experience and is really passionate about what she does. And I can say she's a pleasure to work with. But Debbie, I'm really excited to talk to you today to wrap up the 2022 CompTrends event and CompTrends survey.

Sophie Boler | 00;00;52;15 - 00;01;15;06

We talked to Mike and Brittany about this and they had great things to say. So we had over 1400 people register for the event, so we know it's a huge topic of interest to all of our listeners and our HR colleagues out there. But today, like I said, we're really here to just wrap it all up and we had a number of questions come in through our chat function.

Sophie Boler | 00;01;15;17 - 00;01;36;08

So we're going to take a look at some of the questions our members submitted. So the first question we really hear a lot when it comes to strategic compensation planning. So the data from the conference survey is collected months prior, but how can employers know what is happening in the current market to really plan for the coming year?

Debbie Morgan | 00;01;36;18 - 00;02;15;11

Yeah, that's a great question, Sophie. And I guess before we get too far into this, thank you for that great introduction. Yeah, I have over 20 years of crazy comp and benefits experience in what we're in right now, is definitely a unique market. So for companies that want to stay on top of it and really be up to date with those increases because they've been so turbulent and just so frequent last year, you're going to look at how, well, employers are going to have to do the math here.

Debbie Morgan | 00;02;16;08 - 00;02;47;21

So using those math skills, most people are going to start with the last increase that they gave people or the pay rate that people were at. Usually it's going to be starting January. That's the most common date to use. A...