How paying for top talent ensures business success

Countless surveys over the years have cited pay as a major motivating factor to leaving a job.

Many companies are still working to challenging budgets, and salaries can ultimately be viewed as another expense. In this mind-set, it can be easy to overlook the fact that unsatisfactory pay can negatively impact staff retention, and it can get in the way attracting new talent.  This is particularly relevant when it comes to searching the talent pool for top executives as what you’re offering as an employer will make an instantaneous impact when talking about a vacancy.

The true value of paying well

Recruiting for new staff, again particularly at a senior level, has a price tag attached. So the aim must be to recruit with a long term plan in mind.

The right level of pay doesn’t just attract fresh talent after all, it goes a long way to keeping them too. This considered approach will safeguard against continual hiring costs and work to a lasting partnership with the right people, who have the best combination of skill and experience to actively drive business success.

So, from this perspective and from the point of view of the metaphorical recruitment purse strings, offering the right level of pay is a no-brainer.

What you can do

So, the question is, how can employers combat the problem of poor attraction and retention when it comes to salaries?

Firstly, the emphasis has to be on remaining in touch and aware of the current market at all times. Listen to employees. If there’s a running theme of staff complaining about pay, or, worst case scenario, leaving their jobs and citing this as a major reason, then something needs to be done to combat this.

Pull on the skills of a specialist. Recruitment agencies, particularly specialised companies such as executive recruitment firms will have a great idea at any time of the going rate for professionals within your sector and for your job type. If they’re advising that your salary doesn’t compare with your competitors, then this insight needs to be taken on board and acted on.

Remember the bigger picture

Of course, any survey into staff retention and talent attraction will reveal the same thing. Salary is just part of the bigger picture. It’s a major motivator, but it can’t be considered as a singular influencer.
An attractive job proposition can include the opportunity to progress, ongoing development, flexible working and benefits. The key is to find out what you’re able to offer around fulfilling business needs to build an attractive package that hits all the right spots with candidates and employees.

Again, the services of a recruitment agency are invaluable in circumstances like this. An experienced firm with specialised sector and job role knowledge will use effective search and select methods to attract candidates with fitting expectations on pay, culture and ambitions.

With all these key pieces in place, you’ll be actively working to long term solutions by securing and keeping the best people for your company.