By Dan Simmons
Retention has been of importance in the last few articles I’ve submitted to you…and with good reason. The only thing more important than recruiting and hiring the best talent in the market is keeping that talent on board and not letting it get away.
There are many components of an effective retention program. Compensation is one of the most important. Many companies believe they set their compensation structures, while in fact, the marketplace sets compensation standards and your top performers stay on top of those. This is why it’s crucial for you to stay on top of current compensation in your field, as well.
Just last week I featured an article for candidates about finding out what they are worth in today’s market. I also encouraged them to find what their jobs were really pulling in the way of compensation across various markets. Many people use a website search engine called payscale.com.
So, how do you react if you’re an employer? If you’re doing everything else necessary to retain you superstar team and your compensation is on par, then there’s an excellent chance they’ll stay right where they are. But if your compensation is below what they could be earning elsewhere, they might start to speculate about whether the grass is really greener on the other side (even if it isn’t) If it’s substantially below . . . well, we don’t even want to think about that scenario.
Your future candidates are in the know, now you should be too.
If you have any questions about a particular positions salary range or are looking to make a career change, contact us today. We are here to help!
Daniel C. Simmons is a Certified Personnel Consultant who has been recruiting since 1991. Dan has won over twenty awards in the last decade with the Top Echelon Network, America’s leading placement network including Placer of the Year in 2009 & 2010.
Frequently Dan also is a recruiter trainer and has been featured at various Top Echelon Conventions and online as a speaker for various webinars. He has also been published in The Fordyce Letter the recruiting industry’s #1 magazine.
Is Your Company Looking for Great Candidates? Contact Dan Today!