Creating compelling rewards packages for employees in hot jobs is one of the biggest challenges facing compensation and total rewards practitioners today.
In today’s talent landscape, salaries for hot jobs are moving at a record pace, and attracting and retaining talent in these roles requires compensation professionals to keep a pulse on ever-changing market pricing. Yet for many new, emerging, and hot jobs, data is scarce or simply doesn’t exist in traditional data sources.
So how do you accurately price a job for which there is no close match, no market data, and enormous demand? And how do you create a compelling total rewards package that will maximize your ability to recruit and retain skilled talent?
Salary.com recently partnered with WorldatWork to host a webinar that looked to answer these questions – and more. Experts from our Solutions Consulting, Product Management, and Marketing teams shared best practices for pricing hot jobs, leveraging data on compensable factors to tailor your pricing efforts, and using different bonuses and incentive pay vehicles to create the most competitive offers.
As part of this webinar, we polled our live webinar audience about the strategies they’re leveraging to reward employees with hot skills, as well as how they track the movement of hot jobs in their own pay markets. Below are some of our findings from these polls.
Compensating Employees with Hot Skills
When asked how they’re currently compensation employees with hot skills, our audience members indicated that they’re currently using a variety of tactics to ensure that pay packages for these employees remain competitive.