April 18, 2018
Employing talent at the top of your field gives your business a competitive advantage over others. But if you want the best, you must be able to pay well—or else they’ll move on to something new (or never start with you in the first place). This is especially true if your industry is competitive, and the demand for talent outweighs the supply.
Top pay for top talent
Paying well doesn’t have to mean breaking the bank. Experts recommend that salaries 20–40 percent over market value can be adequate to attract and retain your industry’s best and brightest. You can determine the going rate for certain positions on sites such as glassdoor.com or indeed.com. You can also check the Bureau of Labor Statistics or even ask your colleagues. However, keep in mind that a great salary is not the only way to get great workers on board at your company.
Other perks you can offer
Employees appreciate other benefits besides good pay. These include:
- Flexible scheduling. The opportunity to build their work schedules around life’s demands is a big perk for many employees. It can be tricky to stick to a strict 9–5 with family obligations and other appointments, and flexible scheduling shows employees you understand and care about their well-being.
- Rich healthcare benefits. Medical, dental and vision are nice, but when you add extras such as wellness resources, 401(k), financial and retirement planning, and an Employee Assistance Program, you have a greater chance of attracting and keeping top-notch workers.
- Paid time off. Adequate vacation and sick time is a very attractive benefit for many workers. Many companies offer additional time as employees accrue it over the years, but why not offer 2–3 weeks right from the start?
- Interesting work with upward mobility. Bright and creative minds get bored with the same old-same old. So to keep top talent interested, give them the option to try new and different tasks, and the opportunity to expand their role within your company. It also adds to career longevity when you promote from within, giving your corporate climbers something to work towards.
Making your business a great place to work
Company culture goes a long way in attracting high caliber workers, and you can build a strong culture through all of the above. Workers—especially Millennials and Gen X—are looking for challenging work they enjoy, in a workplace, they like to come to, at competitive pay.
Looking to staff up?
Check out Inter-Connect. We work with employers to understand your employment needs, help you devise a staffing plan and hire the employees you need for short- and long-term success. If you’re currently in search of office or light industrial staff, contact one of our experienced recruiters today to learn more!