Are you paying enough – or too much?

No-one likes to talk about when they earn. This may be because it could feel like bragging, or because people don’t want to be seen as not earning enough.

But whatever the case, it can can cause problems for anyone in HR.

The problem for existing employees

There is obviously a problem for you when you are dealing with your existing workforce. What really is the going rate for the job they do? If they believe they are not being paid the going rate, they could start looking elsewhere. If you are going to retain the key people you want, you need a way to reassure them that they are getting a fair wage or salary, and that the grass may not, in fact, be any greener elsewhere.

The problem when you are recruiting

Recruitment can be an ongoing headache, made worse when people thinking of applying for a job, or a promotion, are unsure of what kind of salary they should be asking for.

They can find it impossible to know what the going rate is for the role and for the industry.

In the interview you will almost certainly ask what they are earning now. If they are not earning enough, their fit for a new and better paid role might not look realistic – even though they may have the skills you want.

If they are expecting more than the job was going to pay, you and your candidate have both wasted valuable time.

The problem for you

Knowing the latest salary information is essential for employers in any type of business. You need to know this information if you are expanding and costing out a new team. You have to know the latest facts you are looking to bring in key new hires with particular skills. You need to have the figures if you have a key staff member who you want to keep happy, and who wants more money to stay. Is what they are asking reasonable?

It is a highly competitive environment, paying too little can ultimately be more expensive – in terms of lost skills and opportunities – than paying too much.

Moving goalposts

Your problems are made worse by the fact that salary figures are far from static. They almost always go up but they do so at different rates, and some sectors enjoy leaps while others drag behind. Not only are the goalposts moving – there are several different sets and they are moving at different speeds.

The only answer is to find a source that provides the up-to-date figures on what various jobs pay. If you could find that information – a source of salary information that you can rely on – it would be immensely valuable.
Now you can get it free with the online salary guide from Rangewell.

Business funding specialists Rangewell work with businesses in every industry, finding loans and funding for every purpose.

A Rangewell spokesperson explains why they provide this new service;

“When it comes to business funding, it’s never one size fits all. We have to work closely with our clients to understand their needs and circumstances. Time and again, the problems of HR teams come up. Recruitment and retention can be major costs for our clients. We saw how our data skills could help them.”

Rangewell are a fintech business, combining technical know-how and innovation with knowledge of all aspects of business funding.

Their data experts looked at a number of sources and were able to call on the online data used by the ONS, the Office of National Statistics, which is generally accepted as the foremost authority when it comes to employment statistics. It allowed them to build an authoritative online guide.

Powered by the official data, it’s probably the most accurate guide available, but it does more than simply deliver up-to-date salary levels for various jobs and sectors, it also lets you see, at a glance, how salaries have changed over the last 7 years.

All you need is the job title of the role you are interested in – and it will give you the figures you want in a moment.

It’s a valuable source of information for anyone in HR, or who is looking at salaries – and, like all the services from Rangewell, it is free to access and use here.

Author: Editorial Team

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