Is Your Pay on Par? How to Develop The Right Salary Plans for Your Staff

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Pay on Par

 

A good company knows its competition. But, with fluctuations in the marketplace, it’s not always easy to stay ahead of the competition. While cost analysis can help derive information on how markets are fairing and when values rise and fall, it’s not always the best indicator as to how to keep or grab those top employees and stay ahead of the competition. Here are a few tips that will help!

 

Know where your talent is.

The last thing you want is for top talent leaving your company to go work for a rival. The competition only wants your best performers—if they know who that is, and you don’t, there’s a problem! Start by finding a way to measure your employees’ performance so you can set goals and expectations, making sure to build in performance reviews. This works especially well for new employees. These metrics will help you give your employees clear direction and ensure their work stays on track. If necessary, look past money and numbers to find out who is trying to excel—the key being trying, those who try are valuable assets. Consider productivity-based metrics that focus on your employees’ ability to meet deadlines. Be mindful of the fact that high performers will want to expand their skill sets. Find mentors who can become trusted sources for employees to ask questions and receive knowledge. Give employees an opportunity to lead a project. Encourage them to attend classes, webinars and conventions. These are viable methods for employees to expand their knowledge and gain experience. And, ultimately it helps you retain them, and allows you to increase salary based on performance and growth.

 

Market analysis.

By keeping tabs on competition, you’ll have an edge when it comes to retaining and recruiting top talent. Take advantage of job websites such as LinkedIn and Glassdoor to find out how your competition stacks up when it comes to compensation, benefits and culture. Use this as a comparison to your own offerings. If you meet or beat the criteria, it should increase your chances of retaining and attracting talent.

 

Get creative with incentives that will set you apart.

Consider offsetting raises with other forms of incentives. If your business is located where most of your employees use public transportation, consider offering commuter assistance. Also, make sure employees are given an adequate amount of vacation time or the opportunity to earn more. Educational assistance is a nice incentive, especially if you want employees to expand their skill sets and affords them the chance to grow with your company instead of someone else’s.

 

Build in workplace amenities.

When boosting salary is not an option to stay ahead of competing businesses, consider workplace amenities you can bundle with it. For example, your employees’ workspace—is it standard cubicle spaces with harsh lighting and cramped spaces? Do you provide comfortable place for them to work? Can they easily communicate with their co-workers? Are there any tools, equipment, software or resources that could make their job easier? Do you offer sit-to-standing desk options to optimize health and productivity? Could you offer gym discounts or free memberships? How about a free catered lunch on Fridays in the main dining space for all employees? Free dry-cleaning services or even discounts on daycare—these simple gestures can help you win your employees loyalty and not only keep you on par with the competition but set you apart.

 

Looking to hire and retain top accounting and financial staff?

 

PrideStaff Financial has consistently earned Inavero's Best of Staffing Diamond Award for exceptional client satisfaction. Our highly skilled staffing consultants can assist you with your hiring needs. Contact us today to learn more.

 

 

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