Is the Great Resignation over? Many experts say it isn’t, and even with concerns about a recession, job seekers will still have the upper hand in the market. But finding and retaining talent is only one challenge, managing salary expectations is another. Even the highest-paid employees are seeking more money. The cost of living has increased significantly over the past decades, but salaries have remained largely stagnant. An employer of choice can provide a solid basis for compensation. Here are a few things you can do to manage salary expectations in your office.
Ensure Your Salary Range is Competitive
The first step to retaining top talent is to ensure that your salary range is competitive. Many people quitting in the Great Resignation are getting jobs elsewhere with around a 15% raise. Research the salary levels for specific jobs in your organization based on skills and location to ensure you’re paying your employees correctly.
Employees are no longer willing to accept that secrecy at the highest levels of management is required for business. Transparency is becoming key; otherwise, employees will find jobs elsewhere. Ensure you provide honest and regular updates about your business plan, profits, and employee contributions.
Focus on the Big Picture
Annual or hourly salaries aren’t the only selling points for employees. Consider the big picture when discussing your complete compensation package with new employees or offering perks to your team. Employees value good benefits, retirement plans, paid time off, and hybrid or remote working arrangements.
Develop a Plan for Salary Increases
If your employees ask for more money, it isn’t because they’re ungrateful; it’s because they feel undervalued. Create a plan for providing salary increases whenever workloads change, job descriptions update, or you see someone with more potential to do other things within your organization. Give your employees something to look forward to and understand when and how it happens.
Are you looking for administrative talent to add to your organization? Contact NRI Staffing today.