How Do You Know Your Compensation Is Competitive?
Whether you are the employer or the employee, competiveness and fairness in the compensation offered and received is central to the longevity of a relationship. “Money talks”, now more than ever.
As Executive Recruiters, we have seen our fair share of top talent planning to leave their job because they did not feel adequately rewarded for their performance and level of responsibility, and felt their opportunities for career advancement were inadequate.
Likewise, when we take up a recruitment mission for an employer, one of our very first moves is to analyze the compensation package, and determine if the offer is indeed competitive.
How do you measure this?
1- Industry reports & surveys: In the Saas & IT industry, the Robert Half Tech Salary Guide and the CompTIA Industry Outlook offer reliable data points.
2- Online comparison tools: Sites like Glassdoor, Payscale, Salary.com offer good pointers, though not always very accurate (self-reporting).
3- Competitor analysis: Get on LinkedIn, dialogue with executives in a similar position in your industry or related.
4- Headhunters and executive search firms like Dynamic Search Consulting: We build up our own database to keep current on compensation levels. We can offer an accurate analysis of yours.
5- Retention rates: High turnover rates may indicate a dissatisfaction with pay level.
Hire us for advice. We can do a custom market survey and comparative analysis for you.