Due to years of frozen salaries and small pay increase as a result of the economy, job satisfaction is now being directly linked to compensation. In a recent SHRM research report on job satisfaction, 96% of respondents indicated the compensation was “very important” or “important”, making it the top contributor to overall job satisfaction. Employees also highly rated the importance level of three additional compensations factors: being paid competitively with the local market, base rate of pay and ppportunities for variable pay, including bonuses, commissions, monetary rewards, etc.
So what does this mean for you as an employer and what is the potential effect on your hiring process?
Well, employees are arguably your most valuable—and most expensive—asset. Starting with a strategy for determining how you pay your employees is a great first step. Developing an effective compensation strategy will help to ensure you competitively pay for mission critical positions as well as avoid over-paying for certain roles. If you’re looking to understand what your open positions are worth in the market and attract new talent with competitive offers, compensation reporting is the first step in that process. It will help you answer:
• What your open positions are worth in the market?
• How to attract new talent with competitive offers?
• How to be confident you’re not over-paying for new talent?
HiringThing, through our partnership with PayScale, is now offering real-time compensation reports to help HR and Recruiting departments make data-driven, defendable decisions about pay for new positions and offers. Quickly hop from HiringThing into PayScale’s where you can provide key information about a specific role and then receive a detailed “PayScale Market Report” based on real-time market data. You’ll see a breakdown of total compensation, benefits, trends in the market over time, and how pay changes with different compensable factors (like years of experience, education, etc).
With our new integration, you’ll be confident in your compensation strategy for new talent. For questions about our integration with PayScale or for more information about compensation reporting, contact us at firstname.lastname@example.org.