When the job market favors workers, companies have to be more cognizant than ever about their compensation if they want to attract top talent. Even if your organization has the best intentions regarding paying employees’ market value, you may not know how your pay rates compare to the current job market. Ensure your pay rates are up to industry standards with these tips:
Clarify Your Company’s Strategy
How you determine your pay rates really depends on your company’s overall staffing strategy. Do you want to invest in top talent to stay for the long term, or are short terms needs more important, making turnover acceptable? Clarifying your company’s strategy can help you narrow down what end of the pay scale your rates should fall.
Research Market Ranges Periodically
Change in demand can quickly change what pay rates are considered fair market value, so it’s crucial to research market ranges periodically. What may have been an acceptable salary in recent years could have become too low. Review IMPACT’s Issuing, Cards & Fintech Salary Guide to gather information on salary ranges for specific departments and roles across the payments industry Link to PDF salary guide
Analyze Actual Job Duties Compared to Description
Often the nature of a particular job organically changes over time, and eventually, an employee has significantly more responsibilities than their job titles would indicate. Analyze what each position’s job duties realistically are, rather than just looking at the description, when assigning pay rates. You may find that certain roles are underpaid when considering the level of responsibilities they truly have.
Be Willing to Negotiate
If the organizational budget keeps your company on the lower side of the pay range, consider the other ways you can compensate employees. Be willing to negotiate and offer other perks that employees will find valuable enough to offset a lower offer. This may include the ability for them to set their schedule or work from home when needed.
If you’re having difficulty attracting top talent, even if your pay rates are up to industry standards, consider teaming up with one of the recruiting experts at IMPACT Payments Recruiting. Our recruiting team consists of experienced payments industry veterans who have network connections and direct knowledge to evaluate the candidate pool to find the top talent and best fit for our clients. With a retention rate that currently exceeds 94%, IMPACT has the results to prove our dedication and knowledge for payments industry recruitment. Contact IMPACT to learn more about how we can help you with your recruiting needs.