As an employer, you want to hire and retain the most qualified talent. The best place to start is by offering salaries in the right range.
Your staff keeps your organisation’s engine running on a daily basis. Top professionals know however they have options in today’s job market. Are you offering your stars a competitive salary package to keep them from leaving your company?
If you’re an employer, it’s time to get proactive and start benchmarking compensation against similar companies in your region and industry.
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.
Here are some steps you can take to ensure you are in the right range as you re-evaluate your employees’ salary package.
You can get a good update on average pay ranges by reading the most recent Robert Half Salary Guide, which also provides an overview of hiring and remuneration trends in Australia. Additionally, start perusing recruitment sites to get an idea of what other companies in your industry are paying for similar jobs in your area.
Reach out to experts and peers
Turn to trusted staffing agencies, HR professionals and other hiring managers to help you with your research. Network with industry colleagues to get their input about salary packages, pay rises, how they go about recruiting and tips on improving employee retention. If you’re on the same page, you’ll stand a better chance of drawing in the cream of the crop.
Think beyond salaries
A healthy salary package is one way of attracting great talent, but benefits are also important to job seekers. Bonuses, incentives and flexible working hours are all things job seekers take into account. Some companies offer smartphones and tablets, loyalty leave, and even overseas work opportunities! The point is, get creative to stay competitive.
Want to learn more about hiring and salary trends? Download a free copy of the latest Robert Half Salary Guide.
Be flexible with a salary package
Once you have a handle on salary ranges, you may have to bend a bit and negotiate, particularly if you are trying to lure an employee from an existing job or if you are looking for people with specialised job skills that are in high demand.
Don’t forget your existing stars
As you’re putting all your energy into attracting new candidates, it’s all too easy to overlook your current dedicated employees. Today’s improved job market may inspire them to go elsewhere, so don’t wait too long before you reward them for their hard work.
You can improve employee retention with more frequent reviews followed by incremental salary increases and discussions about training and advancement opportunities.
This article originally appeared as Why You Need to Rethink Employee Salaries Today on the OfficeTeam blog.