Beyond Salary Benchmarking – Strategies To Lure Top Talent

While the role of technology in business organizations has expanded rapidly, the role of manpower remains as crucial now more than ever. In order to thrive and survive in today’s business climate, it is vital for organizations not only to attract but also, more importantly, to retain top talent.

There are several strategies you and your personnel department can implement towards the achievement of such a goal, including offering an attractive and competitive salary and benefits package which can be gleaned through salary benchmarking, executive salary survey and membership surveys.

However, many top tier companies continue to attract the best personnel not just because of the salary they offer to their staff. With the recent global financial crisis which left many unemployed, many employees, particularly top executives, have become more discriminating when jumping ship.

Transparency ranks as one of the top factors executives look for when looking for a company to work for. Many want to know beforehand about your organisation’s financial health as well as its plans for future growth. Related to this is the concept of job security. As many people have witnessed during the economic crunch, no company is totally bullet-proof. However, with the right planning, a business can emerge bruised and battered and yet still ready for new challenges.

Many prospective hires also value the culture of meritocracy which is evident in pay-for-performance. Not only does this mean recognition for their effort and contribution to the organisation; more importantly, this signifies that they are making a measurable difference.

Prospective hires also value employee engagement. While many still understand the value of rolling up one’s sleeves and buckling down to work, many are attracted to organisations that foster the development of their personnel through training.

While top performers may be enticed by a hefty pay check, organisations can still hire these talents without breaking the bank. Other strategies that a business can use include giving new hires equity in the company, telecommuting or flexi-hours.

Business organisations can also get its fair share of top talent by cultivating a brand image as an employer of choice. Also, organisations should not simply see recruitment as one aspect of a business’s operation that can take the backseat. Rather, just like any other operation in the business, organisations should invest time, money and effort towards this endeavour. Finally, organisations should always be aware of industry standards when it comes to compensation. Of course, companies should look beyond traditional compensation packages which their competitors offer.

Written by: Sarah Miller is a business consultant by profession and a content creator, writer and blogger by passion. Having been exposed to the different aspects and faces of businesses, she frequently does research on useful information regarding the different methods and techniques to further improve business marketing, sales, performance and shares her passion of business management through blog/content writing. She is also a follower of http://www.paydata.co.uk/services/pay-benchmarking/membership-surveys

 

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