It's Not all About
The Money... or Is It?
When it comes to both hiring new talent and retaining existing talent at your organization, there certain factors employees value:
• A good boss and leadership
• A growing organization
• A potential for upward mobility in their role
• Good commute or remote work option, etc.
However, when all is said and done, COMPENSATION — specifically the employee’s perception of whether their compensation is in equal exchange with the value they are providing — is often a key determinant for an employee to feel happy and want to come work for, or continue to work for the company.
While of course most employees always want another raise and more money, there is an exchange value for their position they are aware of, and it is fatal to pay them below this threshold.
I once came across an organization who paid their employees more than 50% above industry standard. Needless to say they never left and their competitors could never offer anything that would entice them to consider a change.
Be sure you know the correct market value for each position within your organization, and pay at, or above that level.
I suggest paying 10-15% above if you can budget it as your generosity will buy loyalty and happiness amongst your employees.
Not sure if you’re pay is up to par? Give us a call for a free consultation. We’re happy to provide a general compensation range for you and if interested can do an in-depth compensation analysis.