As one of the leading staffing agencies in Houston, TX, Murray Resources knows when it comes to employee loyalty, salary isn’t the only reason people stay with a company. However, it’s still vitally important and can impact your ability to recruit and attract the best talent. If, on the other hand, you don’t pay people what they’re worth, they’re not going to stay with you for long and your company will develop a negative reputation as an employer. So how can you tell if your salary is competitive? Here are some tips:

Look to the competition.

If you’re assessing salary and find the competition pays more, you’re going to be on the losing end of the war for talent. It may take some time and effort to determine what other similar companies pay, but it’s certainly well worth it. Use resources such as Payscale.com or Salary.com to start your search. You can also look to sites such as the Bureau of Labor Statistics to find salary averages for certain positions. And finally, you can tap the expertise of a Houston recruiter to gain a sense of what other companies are offering.

Make sure pay grows with responsibility.

If you’ve expanded the roles of employees without offering them more compensation, you’re going to eventually lose them. People don’t mind taking on more for temporary periods of time, but if this is the new normal, they are going to look for better opportunities – with better pay – elsewhere. Don’t make your people feel underpaid and undervalued; make sure their compensation aligns with the level of work they’re doing.

Evaluate company turnover.

Turnover happens at every company and is even healthy in some cases. However, if your organization is experiencing a high level of it, then your compensation may be to blame. But the reality is that turnover will actually wind up costing you more (in the form of recruiting, hiring, and training new employees) then simply paying your existing staff more.

That said, offering an across the board raise might not be in your budget. If that’s the case, then identify your key players and offer raises to them. Down the line, when you can, you may then be able offer raises to your other staff members.

Do you need more help hiring and retaining top talent? Call Murray Resources. As one of the leading staffing agencies in Houston, TX, organizations all over the city rely on our expertise to source and retain top talent for hard-to-fill, key positions across a broad range of business disciplines. Contact us today to find out more.