Are you charging your employees a ‘loyalty tax?’
A competitive job market means rising salaries. And rising salaries reward job-hopping. It makes sense, right? Only a fool would stay put when they can get paid more elsewhere. The employees who stay in one place, the loyal ones, get punished. New hires can earn the same, or even more, than people who’ve worked at the company for years. It’s not fair. They’re not going to pay that ‘loyalty tax’ for long. That’s why a well-defined Salary Structure is essential for attracting and retaining top talent. It can help you:
- Minimize employee turnover
- Overcome the talent shortage
- Fill all your organization’s job openings
A Salary Structure is an organized, hierarchical method to manage, understand, and interpret pay data. It allows you to thread the needle, remaining competitive in the market without punishing loyalty.
In this Comp Conversation, Greg Wolf, Managing Principal of Consulting, walks us through some real-world examples of Salary Structures he helped build – and the difference they made to the companies involved.
During this webcast, you will learn:
- The importance of Salary Structures for hiring, retaining, and paying competitively
- Why accurate job descriptions are essential for attracting talent
- How to maintain a competitive pay program
Watch the video to learn more about how Salary Structures can help your organization attract and retain top talent.
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