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With low unemployment and a record number of job openings, many of us are considering what we need to do to attract and retain talent. While there are multiple drivers to attraction and retention, wages is one of the most clear-cut considerations. Learn a step-by-step process for evaluating your company's wage levels and practices, to determine whether raising wages will contribute positively or negatively to its bottom line.
- Learn how to find and interpret relevant market data, to determine the external competitiveness of your wage rates.
- Know the key drivers of your company’s attraction and retention challenges, to determine whether wages are a top concern.
- Understand variable compensation components, to determine whether adjustments will lead to positive business outcomes.
- Analyze what an increase in varying degrees of wage rates will cost the business, relative to the cost of turnover and unfilled positions.