The value that a compensation analysis has on your open rolesÂ
Are you having a tough time filling an open role at your company? It could be that the salary you are offering just isn’t hitting the mark. Now, we at TRN get it—setting the right pay can feel like shooting in the dark. Offer too little, and the best candidates will pass you by. Pay too much, and it starts hurting your bottom line. It’s a tricky balance to strike, but that’s where a compensation analysis comes in handy.
What is a compensation analysis?
A compensation analysis is like a reality check for your salary offerings. It helps you figure out if what you’re paying is competitive enough to attract the talent you need, while also making sure you are not breaking the bank. Salary.com does not just throw out average numbers and call it a day. They make sure the data is solid, checking that at least 100 people in the same role are being paid consistently before reporting a salary range. And because salaries can vary based on where you are located, each salary is adjusted based on a specific area.
Key items included in the report
- Job title and description
- Average base salary in city and state
- Job level, experience, and education
- Career progression report
- Potential lateral jobs
How Can a Compensation Analysis Help You?
A thorough compensation analysis can
- Ensure you are offering salaries that are competitive in the job market.
- Improve employee retention by offering fair and attractive compensation.
- Help avoid pay inequities and promote a positive, inclusive workplace culture.
- Ensure your organization is in compliance with fair pay regulations.
If you’re unsure whether the salary you’re offering is competitive, The Reserves Network is here to help. Fill out the form and our team will get in touch to create a personalized compensation analysis for you.
