Don’t Pay a High Price by Underpaying Your Employees
Competitive salaries are a crucial part of attracting and retaining the best employees. You may have a great product or service, but a company’s true strength is within their employees, so they should be rewarded at a competitive salary for their efforts. If you do not offer competitive salaries, you risk paying the high price of losing your valuable human capital.
Consider the Cost of a Departure
An employee’s departure can cost a company more than double their annual salary, without considering the intangible expenses as a result of lost productivity. This includes the cost of having to hire, onboard, and train a replacement employee. Creating and maintaining a competitive salary policy will save your company time and money in the long run.
Show Your Employees You Care
Offering a competitive salary not only attracts top talent, but also incentivizes your employees to work at the highest capacity for your organization – promoting employee engagement and encouraging employee loyalty. Developing a competitive salary policy is a tangible way to show your commitment to taking care of your human capital and puts you in a valuable position with employee loyalty should your company find itself in tough times.
View Your Employees as an Asset, Not an Expense
View your employees as an investment and asset that appreciates long-term, rather than just an expense. Over time, your employees build knowledge, experience and loyalty that cannot be easily replicated. This adds more value to your firm than it costs. If you don’t maintain a competitive salary for your employees, these valuable members of your team will be courted by another company.
To maintain a competitive edge in the salary marketplace you need to stay up-to-date with current salaries. Researching industry and geographic benchmarks can be time-consuming, but is crucial to recruiting and maintaining top talent. Our Talent Acquisition Team is ready to help – from salary benchmarking to job profiling to candidate sourcing – our team will collaborate with you every step of the way.
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