Zweig Group is proud to announce the release of its 2024 Policies, Procedures & Benefits Report, which provides AEC industry leaders with industry statistics on policies and procedures, so they can support policy decisions with hard data.
In Zweig Group's 2024 Policies, Procedures & Benefits Report, geographic location's importance for attracting talent dropped significantly from 4.0 in 2023 to 2.8. This shift suggests a growing acceptance of remote work, making it crucial for firms to invest in virtual collaboration tools. At the same time, the appeal of interesting projects has increased from 4.0 to 4.1, highlighting the need for firms to showcase unique and challenging work in their recruitment efforts.
More firms are adopting formal compensation programs, rising to 52 percent in 2024 from 48 percent in 2023, with 33 percent of employees now having access to this data. This trend toward transparency is critical for building trust and recruiting and retaining employees. Raises given at management's discretion have decreased from 74 percent to 66 percent. A thorough formal salary/wage review process is the No. 1 method to determine raises. Moving to a structured salary review process can help motivate employees and maintain equity.
Regarding administrative practices, weekly timesheet collection has reduced from 82 percent to 73 percent, while bi-weekly collection has increased from 9 percent to 17 percent. Adopting bi-weekly timesheet collection can streamline processes and reduce administrative burdens. Workplace policies have also evolved, with 94 percent of firms now prohibiting gambling, up from 85 percent in 2023.
By understanding and proactively acting on these trends, firms can better position themselves to attract and retain high-quality employees. This approach ensures long-term success and growth, empowering you to steer your organization toward a prosperous future. Read the full report here!
