Cancelling Signing Bonuses, Upping the Ante for Base Pay: What Employers are Doing to Attract Talent 

The summer of 2021 saw unparalleled incentives to entice workers back into the market during a widespread talent shortage, such as wage increases and signing bonuses. According to this survey, 50% of employer respondents surveyed said that they offered signing bonuses, while only 20% of which will continue to do so toward the end of 2021.    

In lieu of signing bonuses, 62% of organizations plan to increase base salaries to attract new hourly and salaried employees, increasing their labor costs.  

Companies will need to work to address both internal and external labor market factors such as 

• Focus on HR metrics 
• Benchmarking market data 
• Gauging employee sentiment 

The last point is particularly poignant in an atmosphere where employees share a heightened awareness in pay equity issues. Lack of transparency creates a higher risk for your company. 

BlueComp offers an accessible online compensation tool to measure survey data against the current market, showing real time changes and your placement within it.