Recruiting the right fit for a role in your organization often requires a great deal of research, evaluation, and negotiation. Yet, as any HR Manager can tell you, that is only the beginning. When done right, both employee and employer will experience a return on their investment. For employers, the assessment process often comes in the form of performance evaluations. For employees, however, assessing a return on investment is often determined by the status of their wages and benefits. So how do organizations make smart decisions that enhance job satisfaction while balancing the budget? They begin by utilizing a wage and benefit survey and here is why.
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[contact-form-7]Five Key Reasons to Conduct a Wage and Benefit Survey
1. Remain Competitive in the marketplace –Wages and benefits can be a strong factor for attracting and retaining high performing talent. Since most employees will see their value through the lens of their paycheck, it is important to consider how your organization’s pay structure translates to your employees. While you need not pay the highest salary in your market, chances are you may not be able to afford the reputation of paying the lowest either.
2. Structure appropriate pay ranges – Pay ranges based solely on longevity will neither motivate nor retain millennial top talent. Instead of relying solely upon tenure as a benchmark for increases, organizations can incorporate multiple incentives in order to impact pay range increases. For example, employees may find wage incentives that connect to acquiring additional education or certification programs. By rewarding your employees for earning relevant expertise you create a win/win opportunity.
3. Inform both you and your employee – Chances are strong that your employees do not realize the full financial picture when it comes to the calculation of their wages and benefits. Rather than leaving your employees to guess, wage and benefit surveys can offer results that provide specific data and individual details. Such disclosure usually boosts morale and motivation.
4. Incorporate Reliable Information – The internet can be a vast source of information, unfortunately, it may be difficult to make a determination of accuracy based upon a “free” search. Wage and Benefit surveys offer in-depth analysis to insure that actual responsibilities, expertise, and education are considered when evaluating and determining comparisons.
5. Create a culture of transparency – Even the best of organizations can be subject to rumors and payroll can often be the source of a great deal of speculation. By investing in wage studies, employees can be confident in knowing that management prioritizes ethical standards for wages and benefits. In addition, such surveys help to provide a uniform set of guidelines and standards that can assist management in helping map career goals and benchmarks for their team.
What is at stake for most organizations is more than simply handing out a raise. Businesses must remain cost competitive within their industry in order to retain their customers while balancing salaries on their annual budgets. Lowering costs by reducing benefits or allowing wages to stagnate frequently results in disengagement, declining performance, high turnover, and a negative work culture. Protect and grow your investment. Reach out to one of our highly trained specialist to help you get started with a wage and benefit analysis today.
The post Top Reasons Why it is Time to Engage in a Wage & Benefit Survey appeared first on HR Affiliates.