A good company knows its competition. But, with fluctuations in the marketplace, it’s tough to compete with other businesses. Here are 7 tips to develop salary plans for your staff and stay competitive.
1. Know where your talent is.
The last thing you want is for top talent leaving your company to go work for a rival. The competition only wants your best performers—if they know who that is, and you don’t, there’s a problem! Find a way to measure your employees’ performance so you can set goals and expectations, making sure to build in performance reviews.
2. Recognize who is truly making an effort.
This works especially well for new employees. If necessary, look past money and numbers to find out who is trying to excel—the key being trying, those who try are valuable assets.
Consider productivity-based metrics that focus on your employees’ ability to meet deadlines. Be mindful of the fact that high performers will want to expand their skill sets.
3. Encourage your employees.
Find mentors who can become trusted sources for employees to ask questions and receive knowledge. Give employees an opportunity to lead a project. Encourage them to attend classes, webinars and conventions.
These are viable methods for employees to expand their knowledge and gain experience. And, ultimately it helps you retain them, and allows you to increase salary based on performance and growth.
4. Do a market analysis.
By keeping tabs on the competition, you’ll have an edge when it comes to retaining and recruiting top talent. Take advantage of job websites such as LinkedIn and Glassdoor to find out how your competition stacks up when it comes to compensation, benefits and culture. Use this as a comparison to your own offerings. If you meet or beat the criteria, it should increase your chances of retaining and attracting talent.
5. Get creative with incentives.
Consider offsetting raises with other forms of incentives. If your business is located where most of your employees use public transportation, consider offering commuter assistance. Also, make sure employees are given an adequate amount of vacation time or the opportunity to earn more. Educational assistance is a nice incentive, especially if you want employees to expand their skill sets and affords them the chance to grow with your company instead of someone else’s.
6. Build-in workplace amenities.
When boosting salary is not an option to stay ahead of competing businesses, consider workplace amenities you can bundle with it. For example, your employees’ workspace—is it standard cubicle spaces with harsh lighting and cramped spaces?
7. Evaluate your work environment.
Do you provide a comfortable place for employees to work? Can they easily communicate with their co-workers? Are there any tools, equipment, software or resources that could make their job easier? Do you offer sit-to-standing desk options to optimize health and productivity? These simple gestures can help you win your employees’ loyalty and not only keep you on par with the competition but set you apart.
Looking to hire and retain top accounting and financial staff?
PrideStaff Financial has consistently earned ClearlyRated’s Best of Staffing Diamond Award for exceptional client satisfaction. Our highly skilled staffing consultants can assist you with your hiring needs. Contact us today to learn more.