FMI recently sent out a list of their top ten articles of 2016, including this one on wages. Some great insights here.
Why do contractors keep guessing about pay? In this “war for talent” in key construction roles, contractors continue to underpay and overpay, based on anecdotal information or small sample bias. In FMI Compensation’s Incentive Compensation Effectiveness Study, most contractors receive their pay information from peers. Only a quarter of contractors use labor market intelligence. In this new era of big data and intense labor competition, contractors could benefit from changing their pay practices. Instead of basing pay decisions on what candidates demand, what the recruiter says, or divinely inspired hunches—do your research and look it up!