As a leading reason for individuals looking to move from one role to another, salaries and overall compensation packages are vital when attracting and retaining talent.
From both a candidate and client perspective being aware of salary benchmarks and market trends is vital information to have before commencing the process of hiring and/or looking for a new position. Not only that but during annual salary reviews, it is powerful information to ensure employee retention. Here’s why:
Know what your competitors are doing. The recruitment market is a competitive, busy, cut-throat place sometimes and it is vital to understand what the current landscape looks like across your industry. By being mindful of salary and benefits packages being offered at all levels, you will be able to remain competitive by offering your current employees a realistic and healthy package in addition to attracting new talent with a generous and fair offering.
In short, know your worth. This does not mean conducting a survey of your peers to see what they are earning; rather take it upon yourself to conduct some research. Look at the newspaper adverts to see what is being advertised and at what salary range. Look at the benefits package available for candidates at a similar level to you in terms of qualifications and years of experience. Have educated and realistic expectations in mind so that you are well prepared to confidently answer any questions in relations to your expectations during the interview process.
For both parties it is vital to remember that offers are no longer determined by the base salary. The health insurance benefits, vacation days, bonus structures, pension and remote working days etc., all play a huge part in determining the attractiveness of the offer.
SteppingStones offer an ad-hoc service which allows us to provide you with up to date salary data upon request.
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