Time and again when we ask Canadians to rank the factors that are most important to them when they’re looking for work, salary and benefits rank number one. Having a deep understanding of the job market in your area and what’s fair compensation is critical to access and retain the skilled talent your business needs to be successful.
When you strike the right balance for your compensation and benefits packages it’s a win-win for you and your employees. You’re able to secure the services of talented, experienced workers who have the in-demand skills you need and your employees feel valued and well-compensated for their contributions.
In this business case, we discuss how offering the right salary can completely change your experience as a hiring manager. Guided by data from our Salary Guide, we encouraged a client to increase their pay rate to better reflect the market rate in their location. After the salary adjustment, they went from having no qualified candidates applying for the role, to having a signed offer from a senior candidate in 48 hours. This case study explores:
- The importance of knowing the market you’re recruiting in
- How paying a competitive rate pays off by allowing you to quickly hire experienced, qualified talent
- Benefits of paying above market rates such as higher employee retention, less time and money spent on training, and a quicker, smoother, less expensive hiring process
- How an experienced HR partner can help you identify roadblocks that are hurting your recruitment process