It’s no secret that compensation is one of the most important factors to consider when looking for a new job. Employers must also ensure that they’re remaining competitive within the market to attract great talent and retain their current employees. Here are four ways employers can establish a competitive compensation in today’s market.
Understand the market
Whether you’re a candidate searching for a new opportunity or are looking to add staff to your organization, you’ll want to make sure that you understand what the market is paying in your industry. There are websites that offer insights into salaries for certain positions. The Bureau of Labor Statistics or Glassdoor are great tools to use. These sites can help your company determine if your compensation is competitive or missing the mark.
Offering other benefits
Employers can also offer a robust benefits package to attract and retain talent. Additional bonuses, paying for healthcare premiums, 401k match, and remote work flexibility are great ways to stay competitive. Benefits remain an essential factor when candidates are considering a new opportunity. So, if you cannot come up on the salary range, there are other benefits you can offer to remain competitive.
According to Salary.com, benchmarking “is a process by which compensation professionals match internal jobs and their descriptions to similar jobs and descriptions in a salary survey or other source of market pay data, in order to identify the market pay rate for each position.” Benchmarking once a year will ensure that you’re remaining competitive to not only retain your current employees but attracting new talent as well. Your compensation packages may be competitive this year, but regular benchmarking is a safe way to remain competitive.
Understanding the value of the position
My clients are consistently looking for mortgage operations folks to join their team in today’s market because the mortgage market is hot. Companies have had to offer additional incentives, higher salaries, and other benefits to attract these candidates. Since the need is so high, employers need to stand out when looking for a candidate in high demand. Properly valuing workers in high demand is also crucial for your current employees, or they will seek out other opportunities.
Recruiters can help you be competitive
As I’ve mentioned, there are several ways companies can remain competitive in the market when it comes to compensation. A great place to start would be to speak to a recruiter in your industry. We speak to candidates all day long about their compensation requirements, and we’re consistently doing market research on our industries. At JSG, we take the time to understand market trends and the needs of our clients. If you need help to establish a competitive compensation package for your candidates, reach out to us today!