An attractive salary package is instrumental when it comes to securing and retaining top talent in the Hong Kong market.
To avoid a war for talent where companies are competing to attract the best jobseekers, the difference between an adequate and competitive salary package can be the simple difference between keeping and losing your best.
Here are some steps you can take to ensure you are in the right range as you re-evaluate your employees’ salary package.
1. Educate yourself
Knowledge is half the battle.
Knowing what kind of salary package to put together relies on understanding what is the current market demand for certain roles. Depending on trends, some roles may experience more of a skill shortage, and thus deserve a higher remuneration.
A simple way of knowing what salary percentile to offer can begin with reviewing Robert Half’s Salary Guide – an instrumental and comprehensive asset to help educate you in what are the monetary (and non-monetary) expectations in the market today.
Speaking to a professional recruitment consultant is also a way of gathering knowledge and insight into what kind of salary package you should offer to attract and retain talent today.
2. Be flexible with a salary package
When it comes to negotiating a salary package, flexibility is important for both sides to find an ideal remuneration that satisfies all parties.
While it will be an advantage to have a salary package in mind before entering a negotiation, be prepared to negotiate either the monetary or non-monetary incentives. This means ensuring you have allocated a hiring budget prior to hiring new talent or reviewing salary packages of current staff.
To avoid a war for talent, being flexible with a salary package will be advantageous for hiring managers who are willing to go beyond the industry norm to attract talent in a competitive market.
3. Think beyond salaries
While money is a key component of any remuneration package, hiring managers should also consider other non-financial incentives to help the secure the best talent.
Some of the most popular non-monetary package rewards can include flexible working arrangements and professional development opportunities. Both incentives offer a strong reason to remain with a company long-term while helping to position a company as an employer of choice.
4. Don’t forget your existing stars
While investing all your energy into attracting new candidates, it can easy to overlook your current employees who may be deserving a salary package revision.
Today’s competitive job market may inspire them to go elsewhere, so ensure you have a retention program in place to avoid losing your top talent.
You can improve employee retention with more frequent performance reviews, followed by incremental salary raises (if deserving), and even discussions about training and advancement opportunities. The cost of turning a blind eye to your existing stars can often be more expensive than taking the time to ensure you are providing an adequate salary package.
Are you offering the right salary package?
If you’re an employer, it’s time to get proactive and start benchmarking compensation against similar companies in your region and industry.
Your staff keeps your organisation’s engine running on a daily basis. Top professionals know however they have options in today’s job market.
Make sure salaries and benefits are in the right range to attract today’s top talent. And if you currently have employees you value highly, make sure employee retention is a priority by offering them appropriate pay rises – before they approach you.