03 Sep 2020
30 Jun, 2016
BY Julia Ryder
[fusion_text]In a competitive world with many different job titles and descriptions it is sometimes hard to determine the pay rate necessary to attract top talent. Paying employees too little can affect your company’s ability to attract qualified talent and retain valuable employees. Choosing a proper pay scale is essential for productivity and also vital for cost management.
Take into consideration timing, how immediate are your needs? What skill set is needed to complete the job? Are your pay rates competitive to similar job opening’s local to you? If you misinterpret and set a pay scale too low, you receive higher chances of recruiting challenges. If you set the scale too high, you raise the chances of receiving a saturated pool of candidates that mask the true gems of the group. Consider these 4 tips to determine a pay rate that meets budgetary constraints while perpetuating an applicant pool of top-notch talent.
Review your postings. Before posting your job description, review it! Make sure your description is accurate in depicting specific responsibilities and requirements of job function. Compare your postings to advertised job postings for similar positions to confirm that they enclose comparable duties, skills and qualifications.
Assess the competition. Evaluate how your projected pay scales compare to those posted by your business’s completion who require similar levels of capability and skill. Consider subscribing to employer surveys in order to learn more about the real-time wages and salary information specific to your local industry.
Research wages. Take advantage of the resources on the web and research median wages for jobs according to profession. Such as, the Bureau of Labor Statistics, or, PayScale, who offers salary comparisons and salary surveys.
Acknowledge credentials. Understand that experience, certifications, or credentials can limit the potential candidate pool, and in turn increase desired compensation. If you are offering a job that requires a niche skill set or specific requirement, make sure to compensate for your candidate’s entitlements.