Navigating inflation currently is a top priority for most companies. Part of this process includes finding strategies to effectively manage salary expectations.
Many employers are having employee conversations about salary and pay transparency. Helping employees understand why they earn their current compensation helps retain top talent.
Implement these strategies to effectively manage salary expectations while navigating inflation.
Establish Salary Benchmarks
While reviewing your budget and pay practices, determine the salary benchmarks you realistically can offer employees. Then, use these benchmarks to set standards for pay within your organization. Having this data helps ensure you offer competitive salaries within the marketplace.
Share your salary benchmarks with employees, especially those who feel paid below the market average. Show that your employees are being fairly compensated according to industry standards.
Emphasize Fair Pay Policies
Most employees want to work for employers who prioritize fair pay. Therefore, you should include the salary in your job postings to increase the number of applicants. Setting clear salary expectations shows you value fair pay and helps increase employee attraction and retention.
Request Employee Feedback
Ask for employee feedback on your transparent pay strategies. Uncover employee questions, concerns, and suggestions for improvement.
For instance, managers can discuss your company’s pay transparency policies during stay interviews. Then, they can learn which parts of the policies are favorable and which parts need improvement.
HR can regularly provide anonymous surveys about pay with questions regarding communication, benefits, and levels of transparency. Then, HR and company leaders can use these findings to improve pay transparency strategies.
Work with a Recruiter
Partner with a recruiter who specializes in your industry. A recruiter understands the market and can provide insight into salary expectations to help you stay competitive.
A recruiter can access salary data and market trends to help establish a competitive compensation plan. They also can help you discuss salaries and negotiate with candidates by highlighting the non-salary benefits and perks offered with a role.
Would You Like Help to Manage Salary Expectations?
Partner with Connectology for customized strategies to help manage salary expectations while navigating inflation. Find out more today.
