Key Findings
Benchmarking Today’s HR Landscape for Tomorrow’s Success
The 2024 HR Benchmarking Survey was conducted to provide insights into current trends, challenges, and strategies across the HR landscape, helping organizations benchmark their practices against peers.
This report gathers feedback from 70+ professionals, including senior personnel from C-suite roles and senior HR leaders, who shared perspectives on employee turnover, retention strategies, compensation practices, HR technology use, and more. The survey’s findings offer valuable benchmarks and emerging trends, equipping organizations to make informed decisions and optimize their HR strategies.
The next pages share key findings from the survey, followed by the survey results for each question. Individual names and contact information have been omitted from the report.
A huge thank you to all those who participated and shared their insights. Without you, this benchmarking survey would not exist.
It appears the Great Resignation is over, with 76% of employers reporting the same or lower turnover. While this is good news, it will require employers to focus resources on developing and growing their employees.
*Response data on page 2 of the results section
Retention continues to be driven primarily by compensation (23%), followed closely by culture and manager competency (16%). This highlights the importance for employers to ensure their compensation is competitive within their industry and region, while also fostering a workplace where employees feel valued and supported.
*Response data on page 3 of the results section
As organizations prepare for the future, staffing plans reflect a strong focus on growth, with 46% planning to increase staffing in the next 12 months. However, recruiting and hiring processes seem to be behind the curve when it comes to the use of AI with only 8% of organizations currently using it and 13% considering it. As competition for talent intensifies, adopting AI-driven tools could become a critical strategy for streamlining hiring and gaining a competitive edge in the years to come.
*Response data on page 4 and page 6 of the results section
All Baby Boomers will reach the traditional retirement age of 65 by 2030, yet 46% of employers report that only 3-5% of their workforce will be retiring over the next 3 years. This alongside of almost half (48%) of organizations do not have written succession plans for staff. This is a significant opportunity for employers to start succession planning for key positions.
*Response data on page 7 of the results section
While managerial competency plays an important role in retention, over 50% of employers do not provide regular coaching. Many managers need training on this critical skill to feel comfortable and confident.
*Response data page 9 of the results section
The most common budgeted salary increase is currently 3%.
Most employers (68%) only share what is legally required when it comes to compensation. Pay transparency requirements continue to expand, and organizations should ensure that they are complying with employee pay and job positing salary information.
*Response data on page 11 and page 12 of the results section
Organizations determine market-competitive compensation primarily through industry-specific surveys (20%), recruiting intelligence (19%), and formal market studies (16%), with some relying on Google searches (16%) and SHRM resources (14%). This reflects a blend of formal and informal methods for salary benchmarking.
*Response data on page 13 of the results section
The top concerns for organizations are retaining talent and attracting talent, followed by developing leadership and offering competitive compensation. HRIS functionality, performance management and policies and procedures were of lesser concern.
*Response data on page 15 of the results section
Competitive salary and benefits
Work-life balance
Career development opportunities
Company culture and values
