The talk of salaries is always in question when it comes to recruitment and staffing. As companies look to expand and grow their businesses, what sum do you need to pay your employees to first of all attract the talent, but secondly, keep hold of them? With the newest career trends of job hopping and even ‘ghosting’, employers must be aware of what other companies are paying their staff along with company benefits in order to retain the talent once they have their foot in the door. There are so many new start-up companies out there who offer attractive employee packages, company perks, funky office spaces along with an awesome company culture, so don’t fall short and loose out on red hot talent all because of their wage.
Salaries are on the up – this may be due to the introduction of the national living wage earlier this year. It may also be due to the job market becoming more buoyant, hence the competition for talented staff is fiercer than ever. As we said before, candidates are fully aware of the current times and are becoming more confident when it comes to negotiating a pay rise. Businesses small or large need to be aware of this and review just how competitive their package offering is. Salaries have remained fairly consistent over the past few years so it is important for employers to review whether their pay remains competitive as confidence in the job market increases.
In order to find out the answer to the question, you can do a few simple things. One of which is comparing your salaries with that of other companies within your industry. There are many salary calculator tools available online now that look at the job role, area and provide an industry average for where you are. Businesses can also ask their employees. This can be done if regular surveys are distributed to gage the overall opinion on staff pay. Watch out for the jokers and the people who think they are worth more than they are. By reverting back to the salary calculator will highlight this. If you need advice or reassurance, consult with a recruitment company who have years of experience on this very subject. They can offer advice and guidance as well as provide an insight into local companies within the area – if you ask them nicely.
Attracting red hot talent has never been more difficult so if you are struggling with this very thing, then researching salaries is a good starting point, before looking into company perks and benefits along with overall company culture and office space.
RedBox Recruitment have collectively over 15 years of recruitment experience and are always on hand to answer any questions you may have when it comes to salaries or industry trends.