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4 Ways to Establish A Competitive Compensation

4 Ways to Establish A Competitive Compensation

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.

Benchmark salaries

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!

4 Ways to Retain Employees in 2021

4 Ways to Retain Employees in 2021

As 2020 comes to a close, employers are looking ahead to the new year. One of the most critical issues employers are facing in the new year is employee retention. Not only can losing an employee cost a lot of money but losing an employee can have a lasting effect on the team. Team productivity, employee engagement, and morale can all suffer as a result of this.

If you don’t have a good retention strategy in place, it may be an excellent time to start thinking of one. So, what can you do to minimize the risk of losing your key players and increase retention rates in 2021? Here are the top four ways to attract and retain employees in the new year.

Hire the right people

Not only will you need to find candidates with the technical knowledge to do the job (or someone trainable), but you’ll need to find someone who fits well with the “culture” of your organization. According to Built In, “47% of active job seekers cite company culture as their driving reason for looking for work.” So, the first step to retain employees next year is to hire the right ones from the beginning.

Listen to your employees

One of the easiest ways to make your employees feel valued and heard is to listen to them. According to Business News Daily, the number one reason employees don’t step up and take the initiative at work is because their leaders or managers fail to get employee input before making decisions. 

Compensation and benefits are competitive

Although pay isn’t the number one driving force for employees leaving, offering fair compensation will make employees feel more valued than those making less than market value. Plus, if they are making competitive wages, they will be less likely to get poached by another organization.

Celebrate the “wins”

Employees want to know that they’re doing a good job and that their employer appreciates their hard work. When celebrating these wins, you should not limit them to work-related events either. Personal milestones such as getting married, having a baby, or even an employee’s birthday, should be celebrated. We’re not talking parties for each of these things but having a team lunch or a verbal or written acknowledgment goes a long way!

As a recruiter, I like to know and understand my clients’ culture to find job seekers that fit that environment. I have conversations with candidates to see if their goals and values align well with one of my clients. We identify red flags early on with the tough conversations we have with candidates. If you need help implementing a strong retention strategy, let’s have a conversation!