Are Your Wages Competitive Enough to Get You The Candidates You Need?

If you are landing candidates who seem highly interested in working for you throughout the interview process, only to have them pass on your job offers, it may be time to take a closer look at the wages you are offering. Learn more about how to ensure your wages are competitive enough to get you the candidates you need:

Conduct a Compensation Analysis 

Take a look at what your competitors are paying employees for comparable job responsibilities, years of experience, geographical location, industry, and any other relevant factors to get an updated definition of market value. Although there are free salary comparison tools available online, their data is typically crowdsourced and may not be accurate. Ensure you are utilizing data from a credible source to conduct a compensation analysis to see how your wages compare to other employers. 

Consider Additional Payment Opportunities

If you are limited in the ability to offer the highest base pay wages compared to market value, you may be able to pique the interest of top talent with other opportunities for them to earn more. Consider payment structures, such as bonuses or commission, which can provide an incentive for employees to bring home higher paychecks that are directly tied to performance. 

Offer Value Beyond Salary

Wages on their own aren’t the only contributing factor in the amount of take-home pay employees receive. To make your job offers as competitive as possible, offer value beyond salary. Review your overall benefits package, such as paid time off, paid sick leave, health insurance, retirement plans, or tuition reimbursement, to ensure they are attractive to candidates.

Provide Flexibility and Work-Life Balance

Time can be a more valued commodity than monetary wages. Even if your offered take-home salary is less than other employers, you can still land in-demand candidates at a lower price by providing flexibility and work-life balance – factors that are often sacrificed in many top-paying places. This includes allowing employees to set their schedules within reason, work from home, etc.

Attract Top Talent

Find the most qualified candidates to join your team by partnering with The Hire Firm for your hiring needs. The Hire Firm is a leading job placement agency serving employers in the Northern New Mexico area. Contact us today to learn more about our employer services.

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