Compensation is going up within the next year at the majority of businesses, according to the results of a new survey.
Eighty-four percent of executives and managers expect the compensation of subordinates in their organization will increase in the next 12 months, according to the worldwide survey of 248 senior executives and managers conducted by NFI Research.
Sixteen percent of executives and managers expect compensation will remain the same while no executives and managers see a decrease in compensation.
The top three reasons executives and managers give for the compensation increase are business conditions (58 percent), performance (47 percent) and employee retention (46 percent).
“Market conditions are the primary driver of compensation increase as businesses try to retain employees to handle the expected business growth,” NFI CEO Chuck Martin said.
Only 5 percent of respondents cited personality/likability as a factor for compensation increase.
In a previous survey by NFI Research, the majority (63 percent) of executives and managers said they rely on people's personality or likability when hiring and/or promoting.
There were no great differences in responses between senior executives and managers or organization size.
