Pay Rates and Their Impact on Your Staffing

Although every company would like to have an unlimited budget for staffing, no company does.  Pay rates affect which candidates a company can hire and how many new employees a company can hire. While working with a staffing partner can help mitigate pay-rate problems in many ways, hiring managers will need to consider pay when weighing candidates.

What are some effective ways hiring managers can address the pay-rate problem when choosing who to hire?  Consider the following techniques:

Technique #1: Retention

One way to address the question “what can we pay a new employee?” is to avoid it altogether by focusing on retaining the organization’s “A-players” whenever possible.

Issues that cause key players to leave an organization commonly relate to one of the three Ts: tools, training, and time.  When employees don’t have the resources, training, or time to carry out their work well, stress results and quality of work suffers.  Survey staff regularly about issues that affect their work and take active steps to resolve them.  Employees who know their concerns are being heard are more likely to stay – even if reaching the resolution itself becomes more difficult than expected.

(For more on retaining your “A players,” see our earlier post.)

Technique #2: Recruiting

While retention is often the most economical route to keeping top talent in key positions, it isn’t always an option.  Employees may leave the company for any number of reasons, or your organization may be forced to let one or more people go due to economic pressures, employee performance, or other reasons.

When you can’t keep the people you have and you must replace a key employee, it is time to work closely with your staffing partner.  Recruiters specialize in developing a comprehensive picture of the industry or industries in which they work, which includes a nuanced understanding of market pressures and pay rates.  The more information you can provide your staffing partner regarding the skills and experience you need to fill a position, the better positioned your staffing partner is to find candidates who can deliver the work your company needs at a pay rate you can afford.

At Marquee Staffing, our recruiters partner with companies in a range of industries. To bring you the talent you need, we do more than merely match job-seekers with suitable openings.  We also study the market and current pay rates to help you stay within budget while still recruiting and retaining the top talent you need. Contact us today to learn more!

 

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