Having a hard time finding or keeping great employees?
Offering an appropriate rate of pay is key to finding and keeping great employees.
Keep losing great employees to the competition; or worse, no one is applying for your job openings? Reviewing the rate of pay may be a good place to start. Make sure the rate offered is in an appropriate range to target the employee you are looking to land. If you want an employee with a master’s degree and years of on the job experience, $9.00 per hour will not cut it. This begs the question, how much should I pay?
How much is a job worth?
The process of evaluating how much an employee should be paid is easy, right? Pick a rate of pay you think is appropriate and someone wonderful will fill the role. Well, maybe, not so much.
Start by asking yourself some questions: How much more valuable will this person make my company? Or what would it cost not to have them on board?
Does the pay match the job?
You might discover a position should pay more or less than you originally thought. So when it comes to rehiring for open positions, if you know a job’s value, you can quickly eliminate candidates who are too expensive. (If you find that everyone is asking more than what you are offering this may be a strong indication that you are either under-valuing the job or you should just do it yourself.)
Check out qualityinfo.org for salary ranges sorted by position and geography, down to the county. You will find out what is high, low and average for your state and town and can begin any employee search knowing what candidates will expect.
Pay a combination of what the job is worth to you, what the market demands, and take each new hire individually into consideration.