The laws of supply and demand are at work and wages are beginning to tick up, especially for experienced candidates and people with technical, trade and other “in demand” skills. It‘s critical that you understand where the market is for these key people/skills if you are going to attract and retain these key people. Simply throwing money at this problem, however, is not an appropriate solution. You must be strategic in the way you manage your compensation system. HR Value Partners will help you evaluate (or develop) your compensation structure to ensure you’re keeping up with the market. This will help you evaluate candidate compensation demands and allow you to Enlist talent at an appropriate rate.
Beyond landing talent, a well-managed compensation system will help protect your organization from regrettable turnover. If your best employees are paid below market then they may be easy pickings for headhunters and your labor market competitors who would love to recruit your best people away. In addition to evaluating/developing your compensation structure, HR Value Partners will help you determine how best to link your compensation plan to your performance management plan and ensure that your best employees will not be lured away by money. We will also help you manage your payroll budget by ensuring you distribute the limited increase budget in a strategic manner.