How Much Do I Have to Raise My Wages to Hire Top Talent?
Compare to Competition
When deciding whether or not you should raise wages and how much the best thing to do is take a look at your competition and other employers in the industry. What are they offering their staff as compensation? Are you providing comparable wages?
Chances are, if you are paying less than other employers in your industry, top talent won’t apply to open positions with your organization. Instead, they’ll be applying with the competition. Make sure you can offer something that is at least on par with what they are providing. That includes comparing their benefits package to yours and seeing how they stack up against one another.
More Than Wages
Yes, wages are very important when it comes to attracting talent. If you want talented candidates, you have to pay top dollar. However, many candidates are searching for an employer who is also providing good benefits. This goes beyond the traditional healthcare insurance and 401k though. Employees still want those things but they want additional perks as well.
Many candidates want a job that is flexible. Employers have begun to offer hybrid and remote work schedules to accommodate those desires. Other non-traditional benefits many candidates are looking for include paid family leave, mental health support, financial counseling, and additional paid time off.
On top of that, many employees are searching for work that will allow them to continue growing in their career. Offering development opportunities for your team can help you attract and retain top talent. Investing in training, reskilling, or upskilling your staff can show them that you value their experience and career.
Sell the Culture
Another key thing many candidates are looking for is a positive company culture. Build a company culture where people want to work and a brand employees can be proud of. These two things will help you get the best quality candidates. So, sell your company’s culture and brand.
If your company focuses on providing your staff with flexibility and a strong work-life balance, portray that in what you do. Similarly, if your business is focused on making a difference in the industry at large, detail that in your communication as well. A company with a strong mission and positive culture will always draw the attention of top talent.
If you are concerned about the cost of raising wages for your organization outsourcing recruitment can actually help save you money. Oftentimes, the staffing agency will take care of payroll and even benefits for contract and temporary employees. In some cases, you can work with a staffing firm to help cover all of your payroll responsibilities. This will take the matter of raising wages off your to-do list.
Consulting with a staffing agency can help you identify fair wages for your industry as well as assist you in finding top talent to fill the roles in your company. Not to mention, working with an agency can also help you mitigate the cost of hiring new employees. Contact the Bradley Group to see how our team of professionals can help you.