City Personnel Blog

Is Your Salary and Benefits Updated with Today’s Job Market?

February 23, 2018
Employee retention is critical to the long-term success of your organization. Salaries are steadily increasing, and your best employees seek frequent opportunities to grow professionally and financially. The certainty of knowing there are more jobs available has also empowered job seekers to negotiate better pay and to pay close attention to the benefits being offered. Employers need to be prepared for this and should look to review how competitive their salary and benefits are.

How Can You Check?

1. Ask A Recruitment Specialist

Staffing agencies like City Personnel will have the local knowledge of the industry, acting as an employer’s eyes and ears in the market place. We are able to provide insight of the jobs being advertised by competitors and updates on any shifts with salaries or benefits. This will help make sure that your organization offers the right salary to attract the best talent.

2. Explore Salary Benchmarking Tools

There are a number of tools out there which provide a breakdown of typical salaries. For example, PayScale is there for candidates to see how their pay compares against others, and it also works well for employers to benchmark the salaries they offer.

3. Consider Benefits That Are Little-No Cost

Offering competitive wages will attract people, but small perks that will make their day-to-day finer will help you retain them. Anything from flex-time, birthday lunches, a well-stocked snack pantry and coffee maker may seem insignificant to you, but they’ll feel valued and may be more likely to stick around.

4. Ask Your Employees

The opinion of your team is important. One way to go about this step is when an employee leaves the organization, make sure to try and understand if the salary and benefits was the deciding factors.

Make sure to regularly review employee salaries and benefits. It’s a critical factor when it comes to ensuring that you are able to both attract and retain talented people.