Smart Benefits: Offering Competitive Compensation? Find Out
Monday, January 21, 2019
And a common one is increasing their salaries. Whether you’re hiring new employees or reviewing the pay of existing ones, here are some ways to check if your wages are competitive so you don’t lose talent to another company.
- Review Job Descriptions: Review your job descriptions against external jobs with the same responsibilities to glean the market rate for similar roles. Keep in mind that factors like location and the size of the business may impact what’s appropriate pay for your particular company.
- Check Salary Surveys: Many independent, third-party salary surveys are available for purchase or at no cost that contain information collected from several employers of different size, industry, etc. Some even allow you to review employee benefits offered to benchmark your total compensation package.
- Ask Around: With pay transparency increasing, many companies are willing to talk more openly about what they pay workers. So if you have a colleague in the industry or belong to a business group or association, it may be worth asking about their pay ranges for certain roles.
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