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Public Pension Staffing: A New Tool to Benchmark Compensation and Benefits Packages

  • By: admin
  • On: 10/16/2022 13:33:48
  • In: News
  • Comments: 0
By Hank Kim, Executive Director and Counsel for NCPERS

The Public Pension Compensation Survey is intended to help funds benchmark against their peers as they evaluate their compensation and benefits packages going forward.
The COVID-19 pandemic and historic levels of workers quitting their jobs have rapidly reshaped the American workplace over the last few years. At the same time, the makeup of the workforce has changed dramatically. Nearly 29 million Baby Boomers retired in 2020, an increase of more than 3 million from the year prior, according to Pew Research Center.

2022 NCPERS Public Pension Compensation SurveyDuring this era known as “the Great Resignation,” recruiting and retaining talent has been a significant challenge across industries. In the most recent NCPERS Public Retirement Systems Study, 56 percent of reporting funds said they anticipate having a problem attracting and retaining skilled staff.

So, in early 2022, NCPERS met with a small group of member funds to explore a compensation study. The goal was to compare the compensation and benefits offered to senior employees to help ensure these key positions were filled with skilled and qualified staff.

Working with the non-profit research firm Cobalt Community Research, NCPERS developed the inaugural Public Pension Compensation Survey. The report features data from 153 funds representing over 9 million active and retired individuals and almost 12,000 staff positions.

NCPERS will host a webinar on October 19 to present key findings from the Survey and discuss employee recruitment and retention trends in the public pension industry. Register here.

The Public Pension Compensation Survey is intended to help funds benchmark against their peers as they evaluate their compensation and benefits packages going forward. The data is available in an online interactive dashboard, where you can filter data in a number of ways to help optimize the mix of funds to which you would like to compare your organization.  Survey participants should have already received information about how to access the dashboard and report.

Learn more about the survey and find out how to order a copy of the report here. If you have any questions, please email lizzy@ncpers.org.
 

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