In today’s talent wars, organizations are more mindful of employee churn rates than ever before. Losing an employee for higher wages at a competitor can add up to a costly loss for employers that don’t catch on to that theme in time. What they might be saving in payroll dollars is hitting their attrition, operating costs and recruitment process.
Aligning your compensation plan with market conditions is critical in the effort to attract and retain a productive workforce. With the great expense of turnover, you want to make sure that your present employees aren’t considering opportunities with your competition over a couple of dollars per hour. Smart organizations verify their compensation practices are in line with the market on a periodic basis, rather than waiting for a significant loss of their workforce.
The best practice in comp planning is to have three data points for each position that you’re incorporating into your organization’s compensation strategy plan. EANE Members can typically find two of their data points from the annual benchmark surveys that EANE and our sister associations facilitate. Through EANE’s partnership with Payfactors, members of all sizes now have access to a reliable third data point.
Historically, smaller organizations have struggled to easily and affordable access the tools and data that positively affects their recruiting and retention strategy. EANE members can leverage their membership benefits with these free and easy resources that help you ensure you’re paying fair market rates and supporting your talent acquisition, employee engagement and retention strategies. Through this Payfactors partnership, EANE members will gain access to salary data for up to 100 job titles for FREE – AND leverage a significant EANE member discount for additional data.
With these resources, organizations of every size can make informed decisions about compensation that will reduce turnover and improve recruiting efforts. Click here for more information about EANE’s complete compensation services which include base compensation, pay grade and salary administration guideline plans. We’re here to help!