The average pay has increased over 5% since April 2021 with many industries trending even higher.. The Great Resignation has contributed to higher pay with over 45 million people leaving their jobs for greener pastures. Market rates for jobs are increasing at an unprecedented rate and show no signs of slowing down.
In our Recognition and Reward series we share tips and advice to help employers attract, retain and reward talent.
According to Forbes the economy added 428,000 jobs in the month of April, and the unemployment rate was 3.6%, unchanged from March when unemployment hit a 50 year low. Job openings are at an all time high which has led many organizations to increase their pay to fill those positions. Workers are not waiting for their current companies to offer better benefits and wages—it’s a labor trend that just won’t end anytime soon.
Are you paying competitively?
If you are having trouble attracting new talent or retaining current talent, it’s time to review your pay practices. Pay compression occurs when newly hired, less experienced employees earn close to or the same as current employees in the same or similar position.
How to determine a competitive salary?
There are several online calculators that determine how much someone in your position, industry and geographic area currently earns. Calculators such as salary.com can also provide metrics based on experience and education levels.
If you’ve searched online for salary data recently you may find that your current pay rates are within the stated range. But there are other factors that go into determining compensation including education, time in the position, skill level and geographic region.
Market Pricing
Artemiste has comprehensive expertise in helping business owners to determine a fair market rate. Our industry knowledge and expertise is second to none. We offer a variety of services including:
· Conducting a benchmarking study.
· Creating salary ranges.
· Make recommendations for market adjustments for individual employees within each range.
· Address any pay compression or pay inequity issues.
· Create career paths for growth, professional development and succession planning.
Book a complimentary 15 minute consultation to learn more about how we can help attract and retain the best talent in this highly competitive labor market.
This article is part of our Recognition and Rewards series; tips and advice to help you attract, retain and reward talent.
Artemiste helps companies build an exceptional employee experience, from onboarding to exit, with training, performance management and learning and development we help you create a work experience that will retain your talented team and propel your business growth.
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