Compensation Management Statistics 2024 - Everything You Need to Know

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Best Compensation Management Statistics

Best Compensation Management Statistics

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Compensation Management Benefits Statistics

Employment of compensation and benefits managers is projected to grow 4 percent from 2020 to 2030, slower than the average for all occupations. ^[0]
The topranked benefits of having sales related analytics capabilities are aligning the sales force to business strategy and goals (for 38%) and better managing and tracking progress of product and sales initiatives (24%). ^[1]
Insurers paid $3.7 in indemnity benefits (53% for temporary disability and 36% for permanent partial disability). ^[2]
Workers’ compensation pays 100 percent of medical costs for injured workers and pays cash benefits for lost work time after a. ^[3]

Compensation Management Market Statistics

The NCCI argued for a rate reduction in 2019 of 16.8% in the voluntary market, thanks to a reduction in accidents and injuries. ^[2]
34% of employers surveyed said they wouldn’t hire a fully remote employee in a different geographic market at the same rate as an on. ^[4]

Compensation Management Latest Statistics

Employment of human resources managers is projected to grow 9 percent from 2020 to 2030, about as fast as the average for all occupations. ^[5]
In 2018, 23 percent of employees said they weren’t sure if they were paid fairly, making fair payment among the most unfavorable survey items. ^[6]
2016 saw a massive spike in employee favorability of the item, a leap of nearly 5 percent. ^[6]
Only 6 percent of employees 35 or younger disagreed or strongly disagreed that they were paid fairly. ^[6]
As age increased, discontent decreased with less than 3 percent of employees 66 years old or older indicating they weren’t paid fairly. ^[6]
Men were almost 6 percentage points more likely to believe they were paid fairly, compared to their female counterparts. ^[6]
According to a recent Pew Center Research study, female employees made 85% of what males earned in 2018. ^[6]
Less than three fourths of individual contributors and supervisors believe they were paid fairly, compared to 92 percent of executives. ^[6]
Although pay perceptions among individual contributors increased more than 1 percent , they still trail executives by nearly 23 percent. ^[6]
At organizations with 249 employees or less, 20 percent of employees were unsure if they were paid fairly, compared to more than 26 percent at organizations with more than 1,000 employees. ^[6]
Employees at organizations with 1,000 employees or more were twice as likely to disagree or strongly disagree they were paid fairly than employees at organizations with less than 249 employees. ^[6]
On average between 40% and 50% of an employee’s preferred total award experience has nothing to do with the physical reward itself, but rather the award presentation and professional development. ^[7]
Nearly 60% of companies say that quotas are set as a collaborative effort between the CEO with input from senior management. ^[7]
More than 40% of surveyed sales leaders missed revenue targets in 2020. ^[7]
58% of sales teams said that they will increase the size of their workforce in the next year. ^[7]
In the 1990s, approximately 25% of US companies were using non cash rewards compared to 80% in 2018. ^[7]
43% of sales reps say they would be willing to leave their organization for just a 10% salary increase. ^[7]
56% of employees that leave their current job say inadequate pay was the motivating factor. ^[7]
58% of people say that they would feel more engaged if leaders gave recognition to the job they were doing. ^[7]
Only 37% of sales reps’ time is being spent on revenue. ^[7]
51% of sales organizations are using data to analyze and improve performance. ^[7]
51% of sales professionals state that their companies use data to assess their sales performance. ^[7]
65% of sales managers say that the biggest challenge for them is the lack of time and res to perform their job. ^[7]
Only 24.3% of salespeople exceeded their quota last year. ^[7]
Happy workers are 12% more productive and unhappy workers are 10% less productive. ^[7]
64% of organizations reported correct quota setting as the major challenge for their sales compensation program in 2017. ^[7]
Only 17.6% of sales professionals rate their job satisfaction as outstanding. ^[7]
90% of top performing companies utilize incentive programs to reward their sales associates. ^[7]
Properly structured incentive programs can increase employee performance by 44%. ^[7]
Companies utilizing an incentive program reported a 79% success rate in achieving their established goals when the correct reward was offered. ^[7]
In 2018, the average quota attainment was only 54%. ^[1]
64% of organizations reported correct quota setting as the major challenge for their sales compensation program in 2017 Companies that “peanut butter spread”. ^[1]
quotas across similar roles see 14% less quota attainment than those that assign quotas based on territory. ^[1]
Nearly 60% of companies say that quotas are set as a collaborative effort between the CEO with input from senior management See how bestin breed companies use sales territory planning. ^[1]
Research shows that optimizing territory design can increase sales by 2 to 7%, without any change in total resources or sales strategy. ^[1]
Only 36% of organizations say they are effective at territory design. ^[1]
The majority of companies (76%). ^[1]
The majority of companies (76%). ^[1]
Organizations ineffective at territory design performed 15% lower in sales objective achievement compared to the average. ^[1]
Organizations that are effective at territory design had 14% higher sales objective achievement compared to the average. ^[1]
Companies that digitize their territory alignment process increase revenue up to 15%. ^[1]
Companies effectively managing territory data had 8% higher achievement of sales objectives compared to the average. ^[1]
Modernized territory planning expands the customer base on average between 7. ^[1]
Modernized territory planning results in reduced cost of sales and wasted rep transportation time up to 15%. ^[1]
Modernized territory planning increases productivity up to 20% after the first year of optimization. ^[1]
Modernized territory planning reduces planning time up to 75%. ^[1]
40% of CFOs now spend the majority of their time on non. ^[1]
Over 90% of CFOs say the ability to dynamically plan “in the moment” is important to react in a fast changing business landscape. ^[1]
Nearly 50% of companies fail to measure and adjust financial forecasts and plans to account for the residual impact caused by sales force attrition. ^[1]
In 2016 78% of CFOs considered Excel proficiency as the most important skill for FP&A teams; today only 5% feel the same. ^[1]
80% of CFOs recognize that investing in data can help them replace spreadsheets; however, they remain deterred by the perceived cost and complexity of new systems. ^[1]
On average, businesses spend 10% of revenue on sales compensation; more than 40% of companies say they spend more than 20%. ^[1]
More than 60% of companies rank their company as average or lower when it comes to sales compensation administration. ^[1]
Only 18% of commissions are paid in Q1; 40% of sales commissions are paid in Q4.. ^[1]
50% of homegrown or spreadsheet calculation mechanisms take four weeks or longer to payout. ^[1]
95% of companies who use ICM technology have payouts completed in less than 6 weeks, with the majority under 3 weeks. ^[1]
43% of sales organizations are making some investment to upgrade sales compensation automation support. ^[1]
60% of organizations do not track payment accuracy and are making a best guess about the accuracy of their commission payments. ^[1]
Only 26% of companies are able to deliver analytics or reporting at an aboveaverage or bestof. ^[1]
Only 6% of companies who use spreadsheet or static reporting are able to give their sales teams access to daily or near real. ^[1]
Of the companies able to provide daily or near real time data, 39% are using automated reporting systems. ^[1]
66.4% of sales organizations surveyed do NOT provide mobile access to sales compensation reports Learn how to improve retention rate. ^[1]
The ideal desired sales rep attrition rate is less than 15%; however, only 69% of organizations are able to achieve that level of attrition. ^[1]
Businesses retain just 71% of salespeople annually, on average. ^[1]
Companies paying competitively at the 75th percentile or higher have 50% less sales turnover. ^[1]
Fewer than half of companies (46%). ^[1]
Among salespeople who leave, 67% do so voluntarily, and 32% are asked to leave Of the remaining “voluntary” departures, 44% are considered low performing and low potential salespeople. ^[1]
Only 54% of companies believe their enterprises have the proper incentives in place to attract and retain the best talent. ^[1]
Businesses effective at either providing clear performance objectives and implementing a welldefined onboarding program enjoy 8% greater sales objective achievement than non. ^[1]
Businesses effective at providing training, coaching, and professional development outperformed others with 17% higher sales objective achievement. ^[1]
Only 42% are effective in providing professional development for salespeople. ^[1]
Across all businesses, just 55% of new hire salespeople are ultimately successful. ^[1]
Top sales reps by quota attainment have a 200% higher chance of promotion and have the potential to increase team performance by 20% Understand the key truths when it comes to sales demographics in the industry. ^[1]
Male led sales teams are 76% men and 24% women vs. the general population. ^[1]
Female led sales teams more closely reflect the general population at 48% women and 52% men. ^[1]
Women achieve 8% higher quota attainment than men. ^[1]
78% of men achieve quota, while 86% of women achieve quota. ^[1]
Women outperform men by 3% but are actually paid 7% less. ^[1]
Women earn 77% of the total compensation of their male counterparts. ^[1]
Smaller companies pay 46% more in incentive compensation than larger companies with comparable quotas. ^[1]
Almost three quarters (73%). ^[1]
The use of multiple spreadsheets is a factor in producing scattered sales information, which 52% of organizations cited as impeding the systems they use to assess plans and incentives. ^[1]
Many smaller organizations (63%). ^[1]
Only one fifth (21%). ^[1]
Two thirds of organizations that use dedicated sales analytics tools said they have improved the outcomes of their sales activities and processes significantly (20%) or slightly (47%). ^[1]
Growth is the No. 1 business priority reported by CIOs for 2018, echoing the 2017 CEO Survey 47% of growth is in tech. ^[1]
SPM users are 2.6x as effective, at measurably connecting sales efforts, to revenue compared to non users (60% vs. 23%). ^[1]
An integrated SPM suite increases sales productivity by 12.5% and accelerate financial close times up to 50%. ^[1]
SPM solutions helped reduce overpayment/underpayment, saving organizations 3% to 5% in compensation expense. ^[1]
VA released Percent Change in Veteran Population by State from 2000 to 2020The Department of Veterans Affairs provides official estimates and projections of the Veteran population using the Veteran Population Projection Model. ^[8]
The “Percent Change in Veteran Population” data table shows the change in the Veteran population from 2000 to 2020 by state. ^[8]
During this period, the average decrease in the Veteran population is 25% at the state level. ^[8]
It’s a 10.7% decrease from 2019 when 5,333 workers died as a result of a workplace incident. ^[2]
According to the National Safety Council, construction has reported the most number of deaths since 2012. ^[2]
It identifies the “Fatal Four” construction accidents, which accounted for 58.6% of all construction worker deaths in 2018. ^[2]
According to OSHA, if workplaces could eliminate the fatal four, they would save 591 lives every year. ^[2]
And of those reported, 33.2% were related to diseases due to viruses not elsewhere classified, which includes COVID. ^[2]
The number of serious injuries has increased from 16% to 21% between 2001 and 2017. ^[2]
22% of serious claims were related to loading trucks and trailers. ^[2]
Arborists and tree related injuries made up 34% of the top 100 most expensive claims in this industry. ^[2]
Young workers made up 50% of serious injuries. ^[2]
Another 46% to 55% of injuries occurred in the first year on the job. ^[2]
The number of fatal injuries for this population increased from 20.4% in 2019 to 22.5% in 2020. ^[2]
Fatalities are up 21.9% since 2016 and have increased to more than 1,000 per year over the last two years. ^[2]
BLS data indicates that in 2019, Hispanic or Latino workers made up 18% of the US workforce. ^[2]
But, they accounted for 20% of workers who died on the job. ^[2]
In 2018, total losses were $13.3 billion or 77% of the calendar year premium. ^[2]
the most prolonged payouts of any state Data shows 56% of accident per year medical payments get paid more than three years after the beginning of the year of injury. ^[2]
However, the national average of claims paid after three years is 33%. ^[2]
The state takes 11 years to settle 95% of indemnity claims. ^[2]
The study found that 23% of workers said the claims process was negative or neutral with longer claims processing contributing to a poorer experience. ^[2]
The results found that engaging nurses early could knock as much as 50% off the medical bill. ^[2]
Other surprising news Lockton reviewed over 200,000 claims and found 67% of denied claims become paid claims within one year. ^[2]
And when those claims transition to paid, they cost an average of 55% more than the original claim might have. ^[2]
In the United States, the workers compensation insurance industry grew by 0.8% between 2015 and 2020. ^[2]
Between 2015 and 2018, the net premiums written grew by 2.1% despite lower premium prices during the same period. ^[2]
The average cost per $100 fell, as the WCIB predicted, to $1.77 in 2020. ^[2]
Written premium in 2020 dropped to an eight year low, down 23% from a peak of $18.1 billion in 2016. ^[2]
Between 2016 and 2018, the percentage of private sector employers paying workers comp premiums fell from 78% to 72%. ^[2]
Additionally, 67 72% of subscribers reported their premiums either fell or remained the same for the year 2018. ^[2]
The total recordable incidence rate decreased by 3.6% in 2020, despite the COVID. ^[2]
Academic Calendars Base Salary Acceptances by Industry †95% of job accepting Full Time graduates reported useable salary information. ^[9]
Base Salary Acceptances by Function †95% of job accepting Full Time graduates reported useable salary information. ^[9]
Benefit payments under workers’ compensation programs totaled $61.9 billion in 2015, which was a 1.3 percent decrease from the revised 2014 benefit figure of $62.7 billion. ^[3]
Employees and employers who took the Remote Work & Compensation Pulse Survey in May 2021, 48% expressed a desire to be fully remote. ^[4]
44% of employees favored hybrid working arrangements. ^[4]
Among employers, 51% support the hybrid work model, while only 5% mention fully remote work as a possibility. ^[4]
Hybrid work models are used by 63% of high growth companies Gen Z employees want some form of onsite work. ^[4]
The report found that using productivity anywhere hybrid workforce models are embraced by 63% of high. ^[4]
69% of companies with negative or no growth reject the concept of hybrid workforces and prefer all onsite or all remote employees. ^[4]
Workers prefer a hybrid model 83% of the time. ^[4]
More than 74% of Gen Z respondents prefer interacting with colleagues faceto face, followed by Baby Boomers (68%), and Gen Xers (66%). ^[4]
92% of employers do not have a system in place for determining compensation for employees who work remotely only part of the time. ^[4]
For 72% of employers, there is no formal method for determining compensation for remote workers. ^[4]
Over 97% of employers report they won’t reduce pay for partially remote employees. ^[4]
However, 21% of employers would adjust their salaries with respect to an employee’s contribution, geographical location, Has well as concerns about company culture. ^[4]
During the pandemic, 9% of employees relocated to another location making a return to the office full. ^[4]
In a survey of 94% of employees, they believe that salaries should be determined by skill set and not where they are located. ^[4]
In determining remote pay for new hires, 25% of employers take different factors into consideration. ^[4]
ExploredThe Pulse of the American Worker Survey found that 87% of people want to work from home at least 1 day of the week. ^[4]
68% of American workers say the ability to work remotely and on site is the perfect work model. ^[4]
Only 8% of remote employees are willing to return full time to work after the pandemic, according to the Remote Work & Compensation Pulse Survey. ^[4]
While 48% of workers want to work from home permanently, the remaining 44% want to work from home part of the week. ^[4]
If their compensation was lowered due to them working remotely, 83% of employees would leave their current job the same survey found. ^[4]
55% of respondents from a study by Stanford want to spend some time in the office and some time at home. ^[4]
25% of workers in the study want to work a home full time and 20% of workers only want to work in the office. ^[4]
A survey by owl labs found that In the United States, 87% of workers would like a 10hour/4 day work week, while 82% would prefer core working hours. ^[4]
The Remote Work & Compensation Pulse Survey by salary.com found that 51% of employers expect employees to have to return to the workplace. ^[4]
Conclusion78% of HR professionals surveyed by Crain’s Future of Work survey say flexible schedules and remote working are effective ways to retain workers without spending money. ^[4]
The Pulse of the American Worker Survey found that 87% of people want to work from home at least 1 day of the week. ^[4]
A recent survey by the economist found that 34% of respondents said that faceto face interruptions from colleagues was the biggest reason they lose focus at work. ^[4]
36% of respondents indicated that they felt more focused working at home than in their office, compared to 28% who reported feeling less focused. ^[4]
In a recent survey conducted by Prudential Financial Inc., 34% of workers said their employers should provide resources to establish a home office. ^[4]
33% of workers said they should be reimbursed for expenses related to remote work. ^[4]
78% of HR professionals surveyed by Crain’s Future of Work survey say flexible schedules and remote working are effective ways to retain workers without spending money. ^[4]

I know you want to use Compensation Management Software, thus we made this list of best Compensation Management Software. We also wrote about how to learn Compensation Management Software and how to install Compensation Management Software. Recently we wrote how to uninstall Compensation Management Software for newbie users. Don’t forgot to check latest Compensation Management statistics of 2024.

Reference

bls – https://www.bls.gov/ooh/management/compensation-and-benefits-managers.htm.
xactlycorp – https://www.xactlycorp.com/resources/sales-statistics.
getforesight – https://getforesight.com/workers-compensation-statistics/.
ssa – https://www.ssa.gov/policy/docs/statcomps/supplement/2017/workerscomp.html.
apollotechnical – https://www.apollotechnical.com/hybrid-working-statistics/.
bls – https://www.bls.gov/ooh/management/human-resources-managers.htm.
quantumworkplace – https://www.quantumworkplace.com/future-of-work/employee-compensation-statistics-to-know.
spiff – https://spiff.com/blog/sales-compensation-statistics/.
va – https://www.va.gov/vetdata/.
northwestern – https://www.kellogg.northwestern.edu/career/employer/employment-statistics.aspx.

How Useful is Compensation Management

One of the main benefits of effective compensation management is its ability to attract and retain top talent. In today’s highly competitive job market, organizations need to offer competitive compensation packages to attract skilled and talented individuals. By carefully designing and implementing compensation plans that are in line with market standards and meet the needs and expectations of employees, organizations can ensure they are able to attract and retain the best possible talent. This, in turn, can have a positive impact on the organization’s overall performance and success.

Moreover, compensation management plays a crucial role in motivating employees and driving better performance. When employees feel that they are being fairly compensated for their efforts and contributions, they are more likely to be motivated to perform at their best. By linking compensation to performance through performance-based rewards and incentives, organizations can incentivize employees to work harder, achieve their goals, and contribute to the success of the organization. This, in turn, can lead to higher levels of productivity, increased profitability, and a more engaged and committed workforce.

Another key benefit of effective compensation management is its ability to promote fairness and equity within the organization. By ensuring that compensation is based on factors such as performance, experience, and skills, organizations can create a transparent and equitable compensation system that rewards employees fairly for their contributions. This can help to foster a positive work environment built on trust and mutual respect, where employees feel valued and appreciated for their efforts. In the long run, this can lead to higher levels of employee satisfaction, lower turnover rates, and a more cohesive and productive work culture.

Additionally, compensation management can also have a positive impact on employee morale and job satisfaction. When employees believe that they are being fairly compensated for their work, they are more likely to be satisfied with their jobs and remain committed to their roles. This can lead to higher levels of employee engagement, lower levels of absenteeism and turnover, and a more positive overall work environment. By continuously assessing and adjusting compensation plans to meet the changing needs and preferences of employees, organizations can ensure that their workforce remains motivated, engaged, and satisfied.

In conclusion, effective compensation management is a critical component of successful human resource management that can have far-reaching benefits for organizations of all sizes and industries. By designing and implementing competitive and equitable compensation plans that attract, retain, motivate, and reward employees, organizations can create a positive work environment, improve productivity and profitability, and ultimately achieve their business goals. It is essential for organizations to recognize the value of compensation management and invest in developing and maintaining effective compensation strategies to effectively manage their most valuable asset – their employees.

In Conclusion

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Compensation Management Statistics 2024 – Everything You Need to Know