When it comes to compensation, it’s tough to beat the high
tech industry, but the industry doesn’t manage their human capital with salary
alone. As new research by PayScale reveals, attracting and retaining technology
staff takes more than just cutting the biggest check. It requires finding the
right mix of pay, benefits, culture and environment that will increase employee
satisfaction.
PayScale’s new Top Tech Employer Comparison report assesses and compares over 20 leading tech firms on employment criteria
like comp, benefits, stress levels, work/life balance and employee
satisfaction. The report uncovers a number of complex relationships that show
the difficulty of achieving workplace satisfaction.
Stress Isn’t Always
Bad
While you might assume that work stress leads to employee
dissatisfaction, this isn’t always the case. As an example, nearly three
quarters of Salesforce.com employees report relatively high levels of stress,
but they also report some of the highest levels of overall satisfaction. HP, on
the other hand, reports relatively
low levels of both stress and satisfaction.
Employees Need a
Purpose
Rather than thinking about potentially negative factors like
stress, it may be more helpful to focus on the positive effect that meaningful
work has on employees. Facebook and LinkedIn employees, for example, report
both the highest levels of overall satisfaction and finding meaning in their work.
Money Definitely
Isn’t Everything
Pay matters of course, but the report data shows that you
don’t need to break the bank to create a good work environment. For example,
employees of Facebook, who report the second highest levels of satisfaction
receive an average $67,800 in starting pay. Yahoo employees, who rank 12th in satisfaction, receive an average of $81,000 in
starting pay.
Find the Right Path for
Your Business
Crafting the optimal mix of perks, work experience and pay
for your staff is no easy task. Start by reading the full PayScale report Once you have digested the contents, contact PayScale to learn how you can use
PayScale Insight software to build a comp strategy that attracts, retains and
motivates high-powered employees.
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