Connect with us

Management

Are Your Employees Getting Paid Enough?

office

There are plenty of reasons for choosing one job over another. The financial side is a big one, but there are many other contributing factors. For example, many people need to get a sense of achievement from their work.

Others value how proud they are to work for the company, how well their manager treats them and their relationships. Being recognised for good work, even if it is as simple as being praised for your achievements is another big motivational factor. Different types of benefits also appeal to people, such as good pension schemes, holiday entitlement, healthcare benefits, cycle to work schemes, transport ticket reductions etc.

The location and work premises can also play a significant factor in deciding where your employees would most like to work. Hence, employers look to build or rent impressive buildings with modern, environmentally-friendly facilities to attract top talent.

The importance of financial reward

Of course, you cannot escape the fact that most people will say that salary and any other financial perks. But how many people actually know how much they are worth? And what can you, as a business, do to ensure that your staff members feel valued rather than looking elsewhere?

Knowing how much your competitors are paying team members in similar roles is key to ensuring you do not lose value and experience employees. If you are not paying the going rate, you can be sure to find somewhere that does. So what is the best way to find out what you should be paying?

How to work out what other companies are paying

Doing a simple job search for a role title in your work location will soon reveal the pay scale that each job is offering in today’s recruitment market. It is also worth taking a look at the list of benefits that each company offers compared to your own. An extra ten days of holiday is not only nice to have, but essentially you are getting paid for two extra weeks. Pensions also make a huge difference over the long-term, so you must take that into account in your calculations.

Employers do not always advertise the exact salary; they often provide a pay range or refer to the salary as ‘competitive’. In this case, you can use several websites to work out how much people are getting paid to do the same job as you. Simply go to the salaries section of the website and type your job title and location in. You will then be provided with the national average salary for the job and a list of average base salaries for companies in your area, or whichever area you are interested in seeing.

Salaries based on experience

You can also see reports that will show you how much the going rate depends on the level of experience, to give you a more accurate idea of the salary that should be expected.

BusinessBlogs is the popular online Hub for quality business articles. We publish unique articles and share them with our social followers. Read more on our 'About' page https://businessblogshub.com/about/

Continue Reading
Advertisement

Trending