Are You Paying Market Rate?

Posted in Recruiting, Management Best Practices

 

Continually losing good candidates to competitors?

 

Dealing with a real turnover problem?

 

Unable to build your "dream team?"

 

Maybe you're not paying enough.

 

Money isn't everything when it comes to hiring and keeping the right people, but it is important:

  • If you list a salary or pay rate in a job posting, it shows job seekers the level of experience you want – and impacts the level of candidates who apply.
  • If you don't provide compensation details up front (and offer a below-market pay rate later in the recruiting process), you could lose great candidates in whom you've invested a lot of time and effort.
  • Paying at least market rate shows candidates and employees that you value them and their work – helping you to attract and retain better talent.

So how can you be sure that you're paying enough? Here are five tips from PrideStaff:

  • Start with a great job description. Make sure your job description is comprehensive and up-to-date. Use factors like the amount of experience required, level of responsibility and specific job functions to develop a clear picture of who you really need. Creating a great job description provides a solid foundation for conducting accurate salary research.
  • Use online tools. Sites like Indeed, CareerBuilder and SalaryExpert provide basic salary calculators and survey data to help you determine acceptable pay ranges.
  • Get specific with your research. Make sure that the salary surveys you use are accurate for your sector and geographical location, as well as the current employment market and time of year. 
  • Conduct your own competitive research. If you're losing more than 50 percent of your candidates to competitors, they may be paying well above market rate. Do some investigating on your own to find out what other employers are paying for similar positions. 
  • Get buy-in from the top. If you don't have the final say on pay ranges, take your research to the top. Use your findings to make a case for higher pay to key decision makers.

Free Compensation Analysis from PrideStaff

Finding current, specific pay information can be expensive and time consuming. PrideStaff makes it easier! If you need to find the right salary for a specialized position or emerging job title, get your free salary analysis through our compensation portal.  Simply contact your local PrideStaff office and they will prepare a salary analysis for your business and open jobs. 

 

Need more help?

You spend a ton of time and effort identifying great job seekers, selling your company and adeptly negotiating deals.  If you're confident that you're offering market rate and are still losing good candidates to competitors, your hiring process could be to blame. Read PrideStaff's tips to refine your hiring process and land more candidates.

Tags: Salary Surveys, How To Conduct Salary Research, National Employment Agencies, Staffing Companies, national staffing agencies, Hr Issues, Compensation Strategy, Salary Guides, Salary Lookup, Salary Checker