Salary Trends to Attract Employees
Posted on: April 26, 2019
No matter what industry you find your business in, prospective employees are always going to ask about compensation. In today’s tight job market, determining salary for employees could be the deciding factor that helps you retain your workforce. Employee turnover is a big problem these days, and keeping your team onboard has a lot to do with how your business approaches salaries.
You’re probably asking, how much should I pay my employees? The answer to that question depends on a wide variety of factors such as industry, experience level, competition – the list goes on. But to help you navigate what your salary offerings should be, you need to know about the changing view on employee compensation.
In this post, you’ll discover the salary trends of 2019 that will help you attract and retain top talent for your business.
Have you ever had a job offer where finding out your potential salary required too much effort? There’s a growing trend that prospective employees want greater salary transparency from companies.
That doesn’t mean you have to openly share everyone’s salary with one another. It means that your team and applicants have an understanding of how determining salary for employees work in your business. Companies are starting to explain the strategy, philosophies, and practices behind what they offer in compensation.
This is one of the main salary trends of 2019 and has more benefits to offer other than making negotiations easier. Being more open about salaries builds trust. Your prospective new hires and current employees will feel valued and are likely to be more engaged with your company.
Think of the last job you had where you worried about being underpaid, now imagine how you’d feel if those concerns were washed away completely!
Develop Your Pay Brand
Your pay brand is how your current and future employees feel about how your business’s pay and rewards structure. The trend of having a pay brand tells us that communication about pay is more important than the actual salary itself.
Build your pay brand by communicating your pay and salary practices. Determining salary for employees can be transformed from a mandatory chore to a powerful tool that can attract and retain new team members.
It’s okay to wonder “How much should I pay my employees?” In fact, treat it as a call to action that helps you further define your compensation philosophy and strategy. Following the latest trends and best practices can help your business grow its reputation and a higher pay brand. If you can develop a pay brand that is well known in your business community, you’ll have no problem attracting the talent you need.
Determining Salary for Employees is an Open Dialogue
Here’s one of the biggest salary trends in 2019: Salary conversations. In this competitive job market, prospects are seeking regular conversations about their compensation instead of just once a year during annual performance reviews.
This could mean evaluating salaries monthly, quarterly or even after a large project wraps up. In fact, don’t be surprised if a job candidate asks you about when and how often salary discussions take place.
It’s worth mentioning that everyone has access to salary and compensation data for a wide variety of industries. This means your business needs to be prepared and have the information needed for a more open salary dialogue. Start by doing some research on the popular job titles you’re looking to hire for.
Need Some Extra Help with Hiring?
Now that you know some of the top salary trends in 2019, it’s time to start putting them into action! If your business needs some extra support with hiring, consider the value a qualified staffing agency can bring to the process. Contact Allied Forces today to learn how we can find qualified staff for your business.