After 2 years of a relatively stagnant job market, retention will be a problem in 2005, Sharon Koss, president of Koss Management Consulting (Seattle), told a session at the Society for Human Resource Management’s recent annual conference and exposition.
More than half of all employees say they are eager to change jobs, according to a recent poll by Sibson and AOL. To hang onto key employees, companies will need to use multiple creative solutions, such as providing fair market pay with salary ranges, communicating the reality of pay and benefits, rebalancing total compensation, and offering performance appraisals and career growth, Koss said.
To make sure that pay ranges are competitive, Koss suggested completing a full study every 2 to 3 years, doing a benchmark job update every year, and using a variety of surveys, such as BLR’s salary surveys.
With Compensation.BLR.com, you’ll never be left guessing how much to pay any employee. Using BLR’s exclusive survey data gleaned from thousands of companies nationwide, the user-friendly calculator generates salary ranges for any job and lets you adjust rates to reflect your company’s region, size, and industry.
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