Recruiting Trends: Are Your Wages Competitive?

Are-Your-Wages-LowIf you’re struggling to attract or retain quality talent, the first factor you should consider changing is your wage rate.

Do you know if your employment offer is competitive in the current marketplace? If your analysis finds it’s not, there are a few changes you can make to help you attract and retain talent.

Focus on improving workplace culture.

If employers want to stay competitive within today’s recruitment market, significant thought needs to go into improving workplace culture. In fact, a recent study showed that millennials would sacrifice higher pay for a happier workplace. This can be achieved by establishing interactive break rooms, sponsored outings, birthday celebrations, positive recognition programs – the list goes on.

The point is to ensure that working with your organization is enjoyable. If you’re not offering competitive wages and your workplace culture leaves much to be desired, top talent will have no problem looking elsewhere for employment.

Little “perks” go a long way.

If wages are low, employers can often attract talent by offering unique perks instead. Work-life balance has become a top priority for today’s workforce. Employers can use this to their advantage by offering more flexible schedules, weekend days off or the option to work remotely one or two days a week. There are tons of possibilities, so think carefully about what would mean most to your workforce.

Other ways to stand out among your competition? Offering sign-on, referral or tenure bonuses can help draw attention to your open positions. Additionally, running competitions with prizes like TV’s or gift cards for top performers can be an enticing perk with the added benefit of promoting productivity.

The best option? Raise wages.

Now more than ever employers are realizing the benefits of raising wages – not only for employees but for business as well. For starters, your employees will be more satisfied and workplace satisfaction is directly correlated to boosted productivity. Along with that, employee retention has a significant impact on your bottom line. If you aren’t consistently losing employees to competitors that offer higher wages, hiring and onboarding costs will decrease and retention and productivity rates will rise.

If you want to boost your fill and retention rates or increase candidate quality, implementing one (or all) of these strategies should be a top priority. The success of your organization lies largely in the hands of your employees, so make sure you’re bringing in top talent with a competitive employment offer.

Stop missing out on top talent! Download our ebook, 5 Updated Recruiting Rules to Help you Source Top Talent for more tips on attracting talent in the current recruitment market.